KUALA LUMPUR (May 5): The FBM KLCI edged up 0.44% in line with higher regional markets, tracking the overnight gains at Wall Street, lifted by select index-linked stocks.

At 9.07am, the FBM KLCI rose 6.14 points to 1,382.73.

The early gainers included Fraser & Neave Holdings Bhd, United Plantations Bhd, Public Bank Bhd, Malaysia Airports Holdings Bhd, Petronas Chemicals Group Bhd, Time Dotcom Bhd, Hengyuan Refining Company Bhd, Dufu Technology Bdh and British American Tobacco (M) Bhd.

Bloomberg said U.S. futures and stocks in Australia were higher, with a few markets closed for holidays, following a late-session advance on Wall Street. Crude oil gained for a fifth consecutive day.

S&P 500 futures edged up after the benchmark staged a turnaround late in the session to end firmer after California sounded a note of optimism in its fight against the virus. Australia opened modestly higher. Equities will likely remain under pressure amid simmering U.S.-China tensions and uncertainty over the impact of some American states beginning to re-open. Markets are closed in Japan, China and South Korea, it said.

JF Apex Securities Research said US markets rose overnight amid the government reopening the economy and rising tension between the US and China.

It said that earlier, European stocks declined amid lower oil prices and declined manufacturing activity.

“On the local market, the FBM KLCI plunged 31.19 points to 1376.59 points.

“Following the mixed performances in the US and Europe, the FBM KLCI retest its support of 1370 points,” it said.

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