KLCI extends gains, tracks regional uptrend

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KUALA LUMPUR (Jan 8): The FBM KLCI extended its gains in early trade this morning, in line with the uptrend at most regional markets.

At 9.05am, the FBM KLCI was up 2.64 points to 1,681.81.

The gainers included Malaysian Pacific Industries Bhd, Fraser & Neave Holdings Bhd, Public Bank Bhd, Hengyuan Refining Company Bhd, Scicom (MSC) Bhd, KESM Industries Bhd, Globetronics Technology Bhd, Hong Leong Bank Bhd and KKB Engineering Bhd.

Asian shares rose for the third straight session on Tuesday as investors bet that Washington and Beijing are inching towards a trade deal and that U.S. Federal Reserve would halt its tightening if economic growth slows further, according to Reuters.

Japan's Nikkei rose 1.0 percent while MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1 percent, it said.

Hong Leong IB Research said in the US, it remains hopeful on the recent V-shape rebound and anticipate further extension of the relief rally in view that US Secretary of Commerce Wilbur Ross commented that there is a “very good chance” the US will get a “reasonable settlement” that addresses all of the key issues during an interview.

“Hence, we could expect the Dow to trade higher over the near term.

“We believe the local stock market likely to trade on an upbeat tone following the positive overnight performance on Wall Street, coupled with the optimism that some trade deals could be struck in the ongoing trade talks between US-China.

“Moreover, the firmer Brent oil (US$57.33) recovery over the past few days could lend a support on O&G stocks over the near term,” it said.