KUALA LUMPUR: Bursa Malaysia opened mixed today althought the key index managed to stay in postiive territory.

Wall Street closed mixed as sentiment was affected by rising US treasury yields ahead of key US gross domestic product and inflation data to be released today and tomorrow.

At 9.23 am, the FBM KLCI edged up marginally by 0.35 of-a-point to 1,571.83 from Wednesday's close of 1,571.48.

The benchmark index opened 1.81 points higher at 1,573.29.

However, on the broader market, decliners outpaced gainers 285 to 224, while 316 counters were unchanged, 1,541 untraded and 22 others suspended.

Turnover amounted to 574.29 million units worth RM196.19 million.

"Following six consecutive days of gains and key economic data and corporate earnings releases looming in the U.S, we expect the local stock market to take a breather," Tradeview Capital fund manager Neoh Jia Man told Business Times.

Meanwhile, Wall Street may also be further impacted by the less than inspiring earnings released after market from both Meta and IBM that saw falling US stock futures.

On the local front,  Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI continued with its impressive uptrend to close at a year-to-date high underpin by broad-based accumulation on blue chips.

"Notwithstanding the choppy performance in US stocks, we reckon foreign funds may be forced to re-look at SEA markets which are better value propositions.

"As we enter into the 1Q earnings season, corporate Malaysia is forecast to churn out a decent 16 per cent earnings growth for 2024. "Hence, we expect the index to hover between the 1,565-1,580 range today," said Thong. 

https://www.nst.com.my/business/corporate/2024/04/1042336/bursa-malaysia-opens-mixed-key-index-stays-afloat