KUALA LUMPUR: Bursa Malaysia opened higher on Monday, supported by positive sentiment on economic growth despite Wall Street's mixed performance.
At 9.20am, FTSE Bursa Malaysia KLCI (FBM KLCI) was up 0.49 per cent or 7.90 points, to 1,624.52 versus Friday's close of 1,616.62.
The key index opened 1.66 points better at 1,618.28.
Gainers led decliners 609 to 230, while 402 counters were unchanged. Turnover stood at 451.18 million units worth 179.29 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI maintained above the crucial 1,600 level despite some intermittent consolidations along the way.
"We see such performance as highly promising, especially since daily volume is also on the rise. Though prevailing interests may be on the big-caps, we believe the liquidity will eventually cascade down to the smaller-caps; thus, we see prevailing conditions as a perfect mixture for a meaningful "bull run" for the local bourse," noted Thong.
For today, the index is expected to hover between the 1,615 and 1,625 ranges.
"Meanwhile, it is worthwhile to note that our MYR is quietly climbing against the greenback, now hovering below the RM4.70 mark from RM4.80 last month."
On the global front, Wall Street closed on a mixed note amid perceived strong US economic growth and decelerating inflation.
The Dow Jones Industrial Average ended on a record high above the 40,000 mark, while the Nasdaq lost 12 points as the US 10-year yield edged higher at 4.422 per cent.
"In Hong Kong, the Hang Seng Index ended on another year-to-date high and is closing in on the magical 20,000 anytime soon, propelled by solid corporate earnings and accommodative policies from China," added Thong.