Bursa Malaysia opens higher tracking Wall Street gains
KUALA LUMPUR: Bursa Malaysia opened higher on Monday, tracking Wall Street’s gains after softer US payroll growth eased expectations of an immediate Federal Reserve rate increase.
KUALA LUMPUR: Bursa Malaysia opened on a positive note on Monday, mirroring Wall Street gains after a dip in US payroll growth dampened expectations of an immediate Federal Reserve rate hike, reports Bernama. The FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 5.01 points, or 0.31%, to 1,635.88, following last Friday's close of 1,630.87.
The index started 2.55 points higher than it had at 1,633.42. On a broader market scale, more stocks gained than lost, with 224 outperforming and 158 underperforming, while 337 remained unchanged. There were 2,054 untraded shares and 24 suspended. Rakuten Trade Sdn Bhd's equity research vice-president, Thong Pak Leng, noted that the US 10-year yield remained high at 5.28% and Brent crude oil closed at $102.25 per barrel, making markets cautious about interest rates and developments in West Asia.
In Hong Kong, the Hang Seng Index fell below 24,000 as financial and tech shares underperformed. Pak Leng told Bernama that the FBM KLCI's higher close last Friday suggested a tentative stabilization within the 1,625-1,635 range, with some support from bargain hunters in a market atmosphere of caution.
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