KUALA LUMPUR: Bursa Malaysia opened mixed today as the key index continued its upward trajectory.

At 9.25am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.59 points to 1,579.75 from last Friday's close of 1,575.16.The FBM KLCI opened 1.14 points higher to 1,576.3 today.

On the broader market, decliners led gainers 375 to 195, while 362 counters were unchanged.

Turnover amounted to 577.51 million units worth RM313.49 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects the index to maintain its upward trajectory.

Hence, he anticipates the index to hover between the 1,575-1,585 range with buying interests possibly focused on the banks.

"Meanwhile, crude oil prices are expected to trend higher in view of the escalating tension in the Middle East and lower inventory that saw the Brent crude to close at US$89.50 per barrel," he told Business Times.

Thong said Wall Street ended the week on a strong note buoyed by robust earnings from both Alphabet and Microsoft while dispelling initial concerns over slower US economic growth and sticky inflation.

As such, he said the Dow Jones Industrial (DJI) Average gained 154 points while the Nasdaq rallied 316 points as the US 10-year yield eased slightly to 4.663 per cent.

Over in Hong Kong, he noted that the Hang Seng Index (HSI) jumped 366 points as confidence seems to be back underpinned by policies to boost the market coupled with positive corporate earnings.

https://www.nst.com.my/business/corporate/2024/04/1043939/bursa-malaysia-opens-mixed-key-index-continues-upward-trend