KUALA LUMPUR: Bursa Malaysia began Monday's trading session with an uptick, mirroring the Wall Street's performance from last Friday.

The FTSE Bursa Malaysia KLCI (FBM KLCI) opened at 1,591.80.

By 9:54 am, it was up by 2.28 points or 0.14 per cent to reach 1,593.44, compared to Friday's closing figure of 1,591.87.

The overall market sentiment is positive with gainers outnumbering losers at 382 to 224, while 393 counters maintained their positions unchanged.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng stated that the upward trajectory of the FBM KLCI has been consistent since mid-April, with continuous accumulation of blue chips observed from both local institutions and foreign funds.

"We believe a decisive break-out from the 1,600 level is required as this has been a tough resistance to topple. For today, we believe the index to trend between the 1,590-1,600 range," he added.

Thong suggested that the recent arrival of top executives from major tech companies in Malaysia could signal promising developments ahead, especially considering the increasing foreign direct investments (FDIs).

He noted that construction and banking stocks are expected to attract attention today.

In the broader region, Wall Street experienced a significant surge due to lower-than-expected job data, which reinforced traders' beliefs that this could lead to reduced inflationary pressures and eventual adjustments to Federal Reserve rates.

Consequently, the Dow Jones Industrial Average (DJI) increased by 450 points, while the Nasdaq saw a jump of 315 points, and the US 10-year yield declined further to 4.49 percent.

Meanwhile, in Hong Kong, the Hang Seng Index (HSI) closed at another year-to-date (YTD) high, driven by increased commitments from China and positive measures aimed at bolstering economic growth.

https://www.nst.com.my/business/corporate/2024/05/1046791/bursa-malaysia-opens-higher-key-index-could-test-1600-today