Kuala lumpur: Bursa Malaysia opened slightly higher on Wednesday, influenced by overnight gains on Wall Street and optimism over a potential agreement between the United States and Iran to reopen the Strait of Hormuz, an analyst indicated.

According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up marginally by 0.02 of a point to 1,732.68 in early trading from Tuesday's close. The benchmark index had initially opened 3.70 points higher at 1,736.36. The market showed a positive breadth, with 283 gainers overtaking 140 losers, while 300 counters remained unchanged, and 2,009 were untraded with 12 suspended. The trading turnover was recorded at 247.46 million shares, valued at RM165.15 million.

Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, noted that Wall Street's broad-based gains, with record highs for the Dow Jones Industrial Average and the S and P 500, were driven by robust corporate earnings. He highlighted that the FBM KLCI sustained its upward momentum, closing above the 1,730 level despite a slow start, suggesting a possible return of foreign funds to the local market. Thong anticipated the index to fluctuate within the 1,730-1,740 range for the day.

Among the major players, Maybank and CIMB Group rose by four sen each, while Public Bank and IHH Healthcare declined by three sen each. Tenaga Nasional and Petronas Chemicals also saw declines. In the active stocks segment, NationGate Holdings and Inari Amertron each increased by nine sen, with K-One Technology adding 1.5 sen. The top gainers included Nestle and Malaysian Pacific Industries, among others, while United Plantations and Westports Holdings led the losers.

The FBM Emas Index and several other indices showed slight advances, although the FBM Mid 70 Index experienced a minor decline. By sectors, the Financial Services and Industrial Products and Services indices recorded gains, while the Plantation and Energy indices declined.