KLCI crosses 1,790-level, plantation-linked stocks lift

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KUALA LUMPUR (Sept 13): The FBM KLCI crossed the 1,790-point level in early trade this morning, in line with the gains at most regional markets, lifted by plantation-related index-linked stocks.

At 9.05am, the FBM KLCI was up 0.56 points to 1,790.42.

The early gainers included IOI Corp Bhd, LPI Capital Bhd, KESM Industries Bhd, Kuala Lumpur Kepong Bhd, Power Root Bhd, Public Bank Bhd, Malaysia Airports Holdings Bhd, PPB Group Bhd, Pentamaster Corp Bhd and Kerjaya Prospek Group Bhd.

Asian shares inched up to a 10-year high on Wednesday, cheered by record highs on Wall Street, while the dollar’s rise against the yen helped boost Japanese shares, according to Reuters.

The S&P 500, Dow Jones industrials and Nasdaq Composite all marked record finishes as investors' concerns faded about North Korean tensions as well as the impact of Hurricane Irma, it said.

JF Apex Securities Research in a market preview today said US markets advanced overnight to record highs led by financial counters after Treasury yield rose, lower damage from Hurricane Irma and comments from Treasury Secretary Steven Mnuchin on tax reform.

It said that earlier, European bourses climbed except the FTSE as UK's inflation data weighed down on easing concerns on Hurricane Irma and North Korea. 

“On the local market, the FBM KLCI surged 7.12 points to 1789.86 points.

“Following the bullish performance in the US and Europe, the FBM KLCI could extend its uptrend towards the resistance of 1800 points,” it said.