Kuala lumpur: Bursa Malaysia opened on a positive note, with analysts predicting the FTSE Bursa Malaysia KLCI (FBM KLCI) will test the 1,600 level following Wall Street’s surge due to anticipation of a US interest rate cut and strong corporate earnings.

According to BERNAMA News Agency, the FBM KLCI rose 2.48 points, or 0.16 percent, to 1,589.08 at 9.15 am, following an opening increase of 0.31 points to 1,586.91. Market sentiment was favorable with 191 advancing stocks against 154 decliners, while 301 counters were unchanged. Turnover reached 174.93 million shares valued at RM97.13 million.

Rakuten Trade Sdn Bhd’s vice-president of equity research, Thong Pak Leng, highlighted Wall Street’s overnight gains, which saw the Nasdaq and S and P 500 hit record highs. The US 10-year yield softened to 4.236 percent, and Hong Kong’s Hang Seng Index surpassed the 25,000 mark as traders speculated on a potential US interest rate reduction in September.

Thong noted that the FBM KLCI’s approach to the 1,590 mark at the previous close suggests it is poised to challenge the 1,600 level, potentially boosting trading volume on the local bourse. He anticipated the index would fluctuate within the 1,580-1,600 range throughout the day.

Main stock movers included Maybank, rising six sen to RM9.92, Public Bank up one sen to RM4.45, and CIMB increasing by five sen to RM7.24. Conversely, Tenaga Nasional fell six sen to RM13.74, while IHH Healthcare remained unchanged at RM6.91.

Actively traded stocks featured Oxford Innotech, which rose three sen to 41 sen, and minor gains for Mtouche Technology, Icents, and YGL. Classita saw a half-a-sen decrease to 8.5 sen.

In broader market movements, the FBM Emas Index increased by 16.23 points to 11,820.41, and the FBM Emas Shariah Index added 2.18 points to 11,770.73. The Financial Services Index climbed 67.76 points to 18,141.66, with the Plantation and Energy Indices also seeing gains. The Industrial Products and Services Index experienced a slight decline.