KUALA LUMPUR: Bursa Malaysia opened higher on Friday morning despite Wall Street's weaker performance as traders adjusted their positions ahead of economic data that could influence the Federal Reserve's interest rate decisions.
As of 9:18 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.04 percent, gaining 0.64 points to 1,616.28, compared to the previous close of 1,615.64.
The broader market also showed a positive trend, with 280 gainers outpacing 240 losers, while 358 counters remained unchanged.
Rakuten Trade Sdn Bhd noted that the FBM KLCI ended the previous session on a positive note but off the day's high.
"We believe the ongoing buying streak will continue and remain hopeful that foreign selling will not derail the current uptrend."
"Crucially the benchmark index is still stuck within the consolidation phase and needs to break the 1,630 mark, before the local bourse improves to higher levels," it said.
Rakuten Trade expects the index to trend within the 1,610- 1,620 range.
Meanwhile, the crude palm oil (CPO) futures are looking solid, currently trending at around the year-to-date (YTD) high of RM5,200/tonne.