KLCI up 0.66%, powered by Tenaga, set to re-test 1,800 level

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KUALA LUMPUR (Jan 23): The FBM KLCI rose 0.66% in early trade on Friday, powered by Tenaga Nasional Bhd as regional markets jumped.

At 9.03am, the FBM KLCI jumped 11.95 points to 1,793.70.

The top gainers included Tenaga, Public Bank Bhd, PPB Group Bhd, Malaysia Airports Holdings Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Coastal Contracts Bhd and UMW Holdings Bhd.

Asian equities extended a global equities rally on Friday after the European Central Bank launched a bond-buying stimulus drive in a landmark move that buoyed investor risk appetite, drove bonds higher and left the euro pinned near 11-year lows, according to Reuters.

Crude oil prices jumped after Saudi Arabia announced that King Abdullah had died and his successor, Salman, moved quickly to name his own heir to rule the world's biggest oil exporter. U.S. crude rose $1.07 to $47.38 a barrel, it said.

JF Apex Securities Research in a market preview Friday said U.S. stocks rallied for a fourth day, wiping out losses for the year in the Standard & Poor’s 500 Index, as the European Central Bank unveiled an expanded stimulus plan, and banks and transportation companies surged on better-than-forecast earnings.

“On the local market, the FBM KLCI surged 11.66 points to 1781.75 points.

“Asian equity markets are poised for a higher opening, tracking a global rally, after the ECB unleashed a 1 trillion euro stimulus package to resuscitate the deflation-hit euro zone.

“We expect the KLCI to extend its rally and test its resistance level of 1800 points,” it said.