KUALA LUMPUR (Oct 7): The FBM KLCI rose 5.53 points or 0.3% while major Asian equity markets advanced as investors responded to US market gains at the close of last week.
Analysts said the rebound in US stocks last Friday on stronger-than-expected US September employment data might support Asian market sentiment this week.
Malaysia's KLCI settled at 1,846.35 at 12.30pm on gains in stocks like Hong Leong Financial Group Bhd and PPB Group Bhd.
"Short-term technical momentum indicators for the FBM KLCI are leveling off to indicate reducing downward momentum, but weaker signals emitted by weekly trend indicators suggest a near-term recovery could fade amid weak follow-through upside momentum.
"Nonetheless, the strong rebound on Wall Street last Friday, boosted by stronger-than-expected US September jobs data, should spillover to enhance trading sentiment early this week," TA Securities Holdings Bhd wrote in a note today.
Across Bursa Malaysia, some RM906 million shares worth RM746 million changed hands. There were 201 gainers versus 498 decliners.
The top gainer was British American Tobacco (M) Bhd while the leading decliner was Muda Holdings Bhd.
The most-active stock was Sumatec Resources Bhd.
Across Asia, South Korea’s Kospi climbed 0.22% while Hong Kong's Hang Seng rose 0.51%.Japan’s Nikkei 225, however, fell 0.08%.
Reuters reported that Asian shares tentatively rose in early trade on Tuesday, while the dollar steadied after investors locked in some gains overnight on its recent rally.