FBM KLCI up as US election results spur world market gains

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KUALA LUMPUR (Nov 8): The FBM KLCI opened higher today as Asian shares tracked US equities' overnight gains. World markets rose as investors evaluated results of the US midterm elections.

At 9am, the KLCI opened 11.22 points higher at 1,726.10. At 9:06am, the KLCI  rose 9.76 points to 1,724.64.

"The overnight rally on Wall Street following the midterm election results on the stateside should cushion the lackluster local market today, although the undertone remains cautious as investors switch attention to the upcoming US Federal Reserve monetary policy meeting and G20 meetings between US and China for more concrete leads," TA Securities Holdings Bhd wrote in a note today.
  
Reuters reported that Asian stocks rose on Thursday as investors, relieved to have moved past the US midterm elections without any major political surprises, drove a Wall Street rally, while the dollar clawed back some of its earlier losses. 

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 percent. Australian stocks rose 0.5 percent, South Korea's Kospi added 1.8 percent and Japan's Nikkei gained 2.1 percent. Wall Street's main indexes rose more than 2 percent on Wednesday, led by the technology and healthcare sectors as the market breathed a sigh of relief after the US midterm elections, in which Democrats wrested control of the House of Representatives and Republicans retained the Senate.