KUALA LUMPUR (May 14): The FBM KLCI crossed the 1,400-point threshold in early early trade Thursday as as index-linked glovemakers continued to be in vogue.

Stocks of glovemakers advanced after the World Health Organization said on Wednesday that the coronavirus that causes COVID-19 could become endemic like HIV, warning against any attempt to predict how long it would keep circulating and calling for a "massive effort" to counter it.

At 9.05am, the FBM KLCI rose 7.72 points to 1,404.85.

The top gainers included Nestle (M) Bhd, Hartalega Holdings Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd, United Plantationa Bhd, Heineken Malaysia Bhd, Kuala Lumpur Kepong Bhd, Supermax Corp Bhd and Comfort Gloves Bhd.

Bloomberg said Asian stocks retreated after Federal Reserve Chair Jerome Powell warned about economic risks and big-name investors fueled doubts about valuations.

Treasuries held gains, it said.

Rakuten Trade in its daily market report said a less than positive outlook from the Federal Reserve further spooked investors as Wall Street continue with the slump.

The research house said the DJI Average lost almost 520 points clinging precariously above the 23,000 level marking a decline of almost 1,000 points over the last two days.

“As such, we should see continuing sell-down on the regional markets today as investors jittery persists.

“On the local front, following a heroic performance yesterday the FBM KLCI may see some roadblocks ahead as profit taking activities should emerge.

“Therefore, we expect the benchmark index to reverse yesterday’s gain with 1,390 as the immediate support level thereafter at the 1,380 mark,” it said.

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