KUALA LUMPUR: Malaysia's benchmark stock index opened flat on Wednesday but subsequently edged higher, after closing above a key psychological level in the previous session.
The FBM KLCI started virtually unchanged at 1,606.97 as investor sentiment remained supported by anticipation over the year-end window-dressing period.
By 9.15am, however, the index had risen 4.72 points to an intramorning high of 1,611.68.
According to Rakuten Trade, the crossing of the 1,600-point level could indicate that foreign selling in local equities is at its tail end.
"We remain vigilant if the rebound is sustainable over the next few days. Nonetheless, we expect the index to hover between the 1,605-1,615 range today," it said in its outlook.
Meanwhile, the research firm said it is mindful of the latest political developments in South Korea that may create some ripple effects across the region.
In the US, a positive performance in US markets overnight helped to lift sentiment, with the S&P500 and Nasdaq rising to fresh record closing highs.
The S&P 500 gained 0.05% to 6,049.88 and the Nasdaq Composite gained 0.4% to 19,480.91, while the Dow Jones Industrial Average fell 0.17% to 44,705.53.
On Bursa Malaysia, blue chips were lifted by Telekom Malaysia rising 12 sen to RM6.62 while Tenaga Nasional climbed 14 sen to RM13.52.
IHH Healthcare gained five sen to RM7.27, IOI rose four sen to RM3.92 and PETRONAS Gas rallied 14 sen to RM18.
Among plantations, United Plantations remains on an uptrend, gaining 40 sen to RM31.80.
Magni-Tech jumped 12 sen to RM2.82 after declaring a special dividend of 20 sen per share in addition to a second interim dividend of three sen per share, following the release of its second-quarter results.
Of actives, Zentech was flat at one sen, Top Glove gained three sen to RM1.20 and Mpire rose one sen to 12.5 sen.
