KLCI edges up in line with regional markets

KLCI edges up in line with regional markets
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KUALA LUMPUR (Dec 7): The main index at Bursa Malaysia edged up in line with regional markets in early trade Monday.

At 9.05am, the FBM KLCI was up 1.09 points to 1,622.94.

The early gainers included Petron Malaysia Refining & Marketing Bhd, Hengyuan Refining Company Bhd, Nestle (Malaysia) Bhd, British American Tobacco (Malaysia) Bhd, Dutch Lady Milk Industries Bhd, Yinson Holdings Bhd, Serba Dinamik Holdings Bhd and AEON Credit Service (M) Bhd.

Bloomberg said Asian stocks built on the recent momentum that pushed U.S. shares to fresh records on Friday as investors weighed the outlook for policy support and signs the deployment of a vaccine may be nearing.

The pound pared its early decline amid concern on a Brexit deal, it said.

Rakuten Trade in its daily market report today said despite the disappointing US job figures, Wall Street charted new highs driven by expectations of a stimulus package soon.

It said the Dow Jones Industrial Average jumped by another 249 points and remain steadfast at above the 30,000 level.

“Therefore, we would expect regional markets to react positively today.

“Locally, the FBM KLCI is expected to rebound following an intermittent consolidation last Friday.

“As such, we may see the benchmark index to test another year high of 1,630 today.

“Meanwhile, Brent crude is almost within the touching distance of US$50/barrel and is currently hovering at above the US$49 level,” it said.