KUALA LUMPUR: Bursa Malaysia opens marginally higher following gains in the US markets overnight, said analysts.

Wall Street closed on a positive note despite the higher than expected April's producer price index data as traders prefer to focus on the upcoming consumer price index due out later today.

At 9.05am, the FBM KLCI rose 0.53 of-a-point to 1,606.41 against yesterday's close of 1,605.88.

It opened 0.13 of-a-point easier at 1,605.75.

Tradeview Capital Sdn Bhd fund manager Neoh Jia Man said the easing concerns over persistent inflation in the US bolstered the performance of tech majors. 

"On the local front, we believe investors will focus on the potential beneficiaries of the US import tariffs against China, particularly the glove manufacturers," he told Business Times.

Turnover amounted to 311.67 million units worth RM149.0 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said traders are also looking out for earnings from both Alibaba and Tencent today. 

Thong said the FBM KLCI maintained its tenacity at stay above the 1,600 mark underpinned by persistent accumulation of blue chips. 

"For today, we believe trading participation to be similar as yesterday while waiting for the crucial CPI data from the US. 

"Therefore, we expect the index to hover between the 1,600-1,610 range again. 

"Meanwhile, crude oil prices have hit a soft patch with the Brent crude now trending at US$82 per barrel attributed to build up in US inventory," he added.

https://www.nst.com.my/business/corporate/2024/05/1050853/bursa-malaysia-firmer-start-albeit-slightly