KUALA LUMPUR (Sept 10): The FBM KLCI climbed in early trade Thursday, tracking regional markets following the overnight rally at Wall Street.
At 9.05am, the benchmark rose 2.80 points to 1,499.52.
The early gainers included Malaysian Pacific Industries Bhd, Kossan Rubber Industries Bhd, UWC Bhd, Hartalega Holdings Bhd, Bursa Malaysia Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, Sarawak Consolidated Industries Bhd and Heineken Malaysia Bhd.
Bloomberg said Asian stocks opened firmer Thursday after U.S. equities rebounded from a three-day rout, with buyers pushing the tech-heavy Nasdaq 100 to its best day since April.
The dollar steadied after declines, it said.
Rakuten Trade Sdn Bhd in its daily market report said Wall Street staged a strong technical rebound yesterday with the Dow Jones Industrial Average gaining 440 points to close a tad below the 28,000 level.
The research house said whether the rally is sustainable remains to be seen amid some late selling.
“Nonetheless we reckon regional markets to trend higher today following yesterday’s whitewash.
“Locally, we expect the FBM KLCI to stage a rebound as well since the local bourse has been on a prolonged consolidation mode.
“As such, we believe the benchmark index to possibly test between the 1,510-1,520 range today,” it said.