KUALA LUMPUR: Bursa Malaysia started the day off on a positive note as analysts project stability for the stock market with foreign sellling expected to ease.
Rakuten Trade in a note said RM2.5 billion of net foreign outflows were recorded last week, signalling that foreign selling may be at its tail-end.
At 9.17 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 0.11 per cent, adding 1.75 points to 1,613.18, compared to Monday's close of 1,611.43.
The broader market was positive, as gainers led losers at 283 to 203, while 400 counters remained unchanged.
Rakuten Trade Sdn Bhd said though the FBM KLCI ended slightly lower amid early selling pressure, they remain hopeful that buying support will emerge and that the benchmark index still has the legs to climb higher.
"Already, RM2.5 billion of net foreign outflows were recorded last week hence foreign selling may be at its tail-end."
"As such, we expect the index to hover between the 1,610-1,620 range today with 1,600 as a rather solid psychological support level for now," it added.