Thursday 28 Mar 2024
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KUALA LUMPUR (March 27): The FBM KLCI staged a mild rebound in early trade this morning, tracking the rally at most regional markets following the firmer overnight close at Wall Street.

At 9.05am, the FBM KLCI was up 3.06 points to 1,862.97.

The gainers included Nestle (M) Bhd, PPB Group Bhd, United Plantations Bhd, Petron Malaysia Refining & Marketing Bhd, Hai-O Entreprise Bhd, Malaysian Pacific Industries Bhd, Uchi Technologies Bhd, Wang-Zheng Bhd, Globetronics Technology Bhd and Lotte Chemical Titan Holding Bhd.

Asian share markets rallied on Tuesday as reports of behind-the-scenes talks between the United States and China rekindled hopes a damaging trade war could be averted, in turn sapping the strength of the dollar and yen, according to Reuters.

Taking its cue from a surge on Wall Street, Japan's Nikkei climbed 1.1 percent in early trade, it said.

MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.4 percent. South Korea's KOSPI rose 0.7 percent, adding to gains made after the U.S. exempted the country's steel from import tariffs, added Reuters.

JF Apex Securities Research in a market preview said US markets staged a rebound rally as concerns on trade war eased following news that China has offered to buy more semiconductor from the US.

Meanwhile, European stocks ended mixed after the US and several EU nations expelled Russian diplomats, it said.

“On the local market, the FBM KLCI rebounded from intraday low of 1852.55 points to close 5.31 points lower at 1859.91 points.

“Following the bullish performance in the US, the FBM KLCI could stage a rebound today with support and resistance at 1840 and 1880 points respectively,” it said.

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