KUALA LUMPUR (May 12): The FBM KLCI edged up in early trade amid mixed regional markets as worries of a second global wave of the coronavirus pandemic lifted index-linked glovemakers.

At 9.05am, the FBM KLCI gained 1.41 points to 1,383.72.

The early gainers included Top Glove Corp Bhd, United Plantations Bhd, Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Can-One Bhd, Petron Malaysia Refining & Marketing Bhd and Hengyuan Refining Company Bhd.

Bloomberg said Asian stocks opened mixed Tuesday as traders assessed the challenges economies face removing restrictions to contain the coronavirus pandemic. The dollar held gains.

Equity benchmarks fluctuated in Tokyo, and dipped in Sydney and Seoul. Futures in Hong Kong rose. S&P 500 contracts slipped after the index closed flat. New York Governor Andrew Cuomo said businesses including construction, curbside retail, drive-in movies and some recreational activities will reopen this week on a regional basis. Still, Mayor Bill de Blasio said the lockdown in New York City is likely to stretch into June. Treasuries were steady and oil stabilized as output cuts were seen easing storage pressures, it said.

Rakuten Trade in its daily market report said it was another field day for traders on Wall Street yesterday on hopes that the US is relaxing its lockdown despite unemployment rate spiked up to a historical high at 14.7%.

“Though the DJI Average ended in the red, the index recovered 200 points from its day low.

“Therefore, we can expect a choppy session today for regional markets following a rather solid performance yesterday.

“Due to the lack of catalysts we expect the FBM KLCI to be stuck within a tight range of between 1,375/90,” it said.

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