Bursa opens higher, tracking regional gains

Bursa Malaysia began trading on Monday with a gain, paralleling the favorable trend seen in several regional markets. The FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 6.28 points, or 0.36%, reaching 1,714.38, up from Friday's closing figure of 1,708.10. The index had a brief opening at 1,709.70, which was 1.60 points higher.

Positive market breadth was evident, with the number of stocks rising surpassing those falling (229 to 187). A total of 360 stocks remained unchanged, 2,012 were untraded, and 25 were suspended. The turnover consisted of 285.58 million shares valued at RM108.52 million. Despite the improved performance, Thong Pak Leng, Rakuten Trade Sdn Bhd equity research vice-president, suggested the benchmark index might continue to stabilize following a weaker Wall Street performance last Friday.

The US Federal Reserve's possible rate hike at the next meeting in September had raised the US 10-year Treasury yield to 4.784%. In Hong Kong, the Hang Seng Index broke the 25,600 mark due to optimism surrounding the Fed's possible rate hold. This rally was driven by increased buying in tech-related stocks. However, Bursa Malaysia reported that trading in Globaltec Formation Bhd's securities was suspended from 9 am to 10 am due to market announcements.