KUALA LUMPUR: Bursa Malaysia opened on a higher note today, reflecting improved sentiment driven by Wall Street's rebound after fears of escalating tensions in the Middle East abated.
At 9.13 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.89 points or 0.25 per cent to 1,563.48, compared to Monday's close at 1,559.59.
The overall market sentiment was positive, with more stocks gaining ground (265) compared to those in decline (140), while 304 counters were unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng remarked that the FBM KLCI's unexpected strong closure yesterday near the 1,560 level was supported by a robust performance across the region.
"We suspect there may be some bargain hunting activities by foreign funds following an exodus over the past few weeks."Hence, we believe the index may see more upside after the rebound from US equities overnight and expect it to hover within the 1,555-1,570 range today," he said.
On the global front, Thong noted that earnings reports, gross domestic product (GDP) figures, and personal consumption expenditure data for March are set to be released this week, which will play a crucial role in shaping the US Federal Reserve's stance on interest rates.
"As a result, the Dow Jones Industrial (DJI) Average rose 253 points while the Nasdaq added 169 points as the US 10-year yield eased marginally to 4.61 per cent," he noted.
In Hong Kong, the Hang Seng Index (HSI) surged by nearly 290 points following the announcement of a set of market reforms by Chinese regulators aimed at bolstering the city's position as a global financial centre.