Thursday 28 Mar 2024
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KUALA LUMPUR (June 29): The FBM KLCI edged up in early trade trade today in line with the overnight rally at most global markets and regional uptick today but gains are seen limited.

At 9.06am, the FBM KLCI edged up 0.56 points to 1,634.60.

The early gainers included Bintulu Port Holdings Bhd, Heineken Malaysia Bhd, KESM Industries Bhd, BP Plastics Holding Bhd, Press Metal Bhd, RRHB Bank Bhd, Boustead Holdings Bhd, Can-One Bhd and Karex Bhd.

Asian share markets joined a global rally on Wednesday as the immediate impact of Britain's vote to leave began to wane and investors wagered central banks would have to ride to the rescue with more stimulus measures, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, but remained a long way from its pre-vote levels. Japan's Nikkei climbed 1.1 percent, while Australian stocks added 1 percent, it said.

JF Apex Securities Research in a market preview today said that US markets climbed more than 1.5% overnight to recoup some losses from Brexit following higher oil price.

It said that similarly, European stocks jumped over 2.5% after two days of declines following the Brexit vote.

“On the local market, the FBM KLCI rose 4.52 points to 1634.04 points to rebound from the recent Brexit scare.
“Following the overnight rebound in the US and Europe, the FBM KLCI is expected to sustain its positive trend with resistance at 1665 points,” it said.

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