KUALA LUMPUR: Bursa Malaysia opened higher on Monday morning, mirroring Wall Street's resurgence last Friday, and data out of US which supports a September federal rate-cut.

June's PCE (personal consumption expenditure) growth figure came well within expectations.

At 9:24 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 0.56 per cent, rising 9.09 points to 1,621.97, compared to last Friday's close of 1,612.88.

The broader market also displayed a positive trend with 360 gainers outpacing 194 losers, while 394 counters remained unchanged.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng observed that the FBM KLCI ended slightly lower last week due to muted trading activity, as investors stayed on the sidelines awaiting US inflation data.

Consequently, the daily trading volume last Friday dropped below the 4 billion shares mark.

"We believe last Friday's resurgence of Wall Street will prop up buying activities on the local bourse thus expect the index to hover within the 1,615-1,625 range today," he said.

He also mentioned that the ringgit has strengthened to around the RM4.65 level, nearing its year-to-date high.

https://www.nst.com.my/business/corporate/2024/07/1083172/bursa-malaysia-opens-higher-wall-streets-resurgence-positive-us