KLCI climbs in line with peers as regional markets buoyed by record Wall St close

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KUALA LUMPUR (Sept 2): The FBM KLCI climbed in early trade in line with its peers as regional markets were broadly bouyed by the overnight record close at Wall Street.

At 9.05am, the benchmark index rose 6.78 points to 1,528.21.

The early gainers included Malaysian Pacific Industries Bhd, Kwantas Corp Bhd, Public Bank Bhd, Sungei Bagan Rubber Company (M) Bhd, Greatech Technology Bhd, Carlsberg Brewery Malaysia Bhd, Hartalega Holdings Bhd, KESM Industries Bhd and Oceancash Pacific Bhd.

Bloomberg said Asian stocks climbed in early trading Wednesday after another record high for their U.S. peers as tech shares advanced and investors snapped up work-from-home winners.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street rebounded on hopes that the US economic recovery remains on track.

It said the Dow Jones Industrial Average rose almost 216 points to hover around the 28,700 level.

“Notwithstanding this, we reckon regional bourses to be mixed on the absence of any apparent catalysts.

“On the local front, we expect the FBM KLCI to remain lacklustre as the correction on banking and glove counters persists.

“However, we are seeing liquidity is shifting towards the lower liners amid the ongoing rotational plays,” it said.