KUALA LUMPUR: Bursa Malaysia opened higher on Friday, driven by continuous support amid improved investor appetite.

This comes ahead of BankNegara Malaysia's first quarter gross domestic product (GDP) data release, which is expected to exceed estimates.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.38 points to 1,613.49 compared to yesterday's close of 1,611.11.

The benchmark index opened 1.31 points better at 1,612.42.

On the broader market, gainers led losers 217 to 172, with 333 counters unchanged.

Turnover was 390.30 million units worth RM111.66 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI maintained its climb to close at a year-to-date high.

"We believe there is still more room for upside.

"We also noticed that daily volume has been improving and this is a positive sign for the smaller caps which have yet to excel in a broader sense. 

"For today, we expect the index to hover between the 1,605-1,620 range underpinned by higher liquidity," he told Business Times. 

Meanwhile, Thong said Wall Street ended lower despite the Dow Jones Industrial Average (DJIA) briefly touching the magical 40,000 mark as profit taking activities emerged following the recent uptrend of US stocks. 

He added that DJIA lost 39 points while the Nasdaq declined by 44 points as the US 10-year yield edged marginally higher at 4.377 per cent.

Over in Hong Kong, he said the Hang Seng Index jumped in excess of 300 points edging closer to the 20,000 level on optimism over recent easing policy on China's property sector coupled with bets that the Federal Reserve will cut rates this year. 

"Sentiment was further buoyed by speculation the tax on dividend may be abolished for Hong Kong stocks. 

"The HSI has gained almost 20 per cent over the past month," he noted.

https://www.nst.com.my/business/corporate/2024/05/1051715/bursa-malaysia-opens-higher-better-sentiment-ahead-bank-negaras