KUALA LUMPUR (Aug 12): The FBM KLCI edged higher in early trade today in line with the gains at most regional markets.

At 9am, the FBM KLCI rose 2.31 points to 1,681.11.

The early gainers included UMW Holdings Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, Tambun Indah Land Bhd, Public Bank Bhd, Hong Leong Bhd Bhd, Allianz Malaysia Bhd, Kuala Lumpur Kepong Bhd, Scientex Bhd, Westports Holdings Bhd and Kumpulan Perangsang Selangor Bhd.

Asian stocks rose slightly in early Friday trade, taking a cue from Wall Street's records overnight, before switching focus to a run of economic indicators from China, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.1 percent. It was headed to gain 1.9 percent on the week, having brushed a 1-year high on Wednesday, it said.

JF Apex Securities Research in a market preview today said US markets rallied overnight to record highs led by retail counters after strong quarterly earnings and sharp rebound in oil prices.

It said that similarly, European stocks rose after positive corporate earnings and higher oil prices.

“On the local market, the FBM KLCI rose 5.77 points to 1678.80 points following a last minute spike.
“Following the bullish performance in the US, the FBM KLCI could extend its gains towards the resistance of 1685 points,” it said.