Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 28): The FBM KLCI edged higher in early trade this morning in line with regional markets, to stay above the 1,700-point level.

At 9.05am, the FBM KLCI was up 3.10 points to 1,704.13.

The gainers included Fraser & Neave Holdings Bhd, Perusahaan Sadur Timah Malaysia Bhd, Nestle (M) Bhd, Genting Plantations Bhd, Petronas Dagangan Bhd, PPB Group Bhd, Hong Leong Financial Group Bhd and Malaysian Pacgic Industries Bhd.

Asian stocks advanced on Monday as Wall Street rallied after a deal was announced to reopen the U.S. government following a prolonged shutdown that had shaken investor sentiment, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.2 percent, it said.

Hong Leong IB Research said as the US partial government shutdown was brought to a temporary end, coupled with the positive corporate earnings over the past week, we opine that Wall Street could trend higher at least over the near term.

“However, should there be any negative surprises from the US-China trade discussions; it may limit the upside potential for the major indexes. The Dow’s resistance is envisaged around the 24,965 (SMA200).

“Following the surge on Wall Street, especially as the Nasdaq jumped more than 1%, coupled with the weaker ringgit trend, we may anticipate technology stocks on the local front to follow suit.

“Meanwhile, the FBM KLCI may extend its rebound after securing above the 1,700 level over the past week. Nevertheless, construction stocks could take a back seat over the near term on the back of the termination of the ECRL mega project,” it said.

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