KLCI edges up in line with regional markets on higher Wall St close

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KUALA LUMPUR (Oct 21): The main index at Bursa Malaysia edged up in early trade Wednesday, tracking the gains at regional markets following the higher overnight close at Wall Street.

At 9.05am, the benchmark FBM KLCI added 0.37 points to 1,511.34.

The early gainers included Heineken Malaysia Bhd, ViTrox Corp Bhd, Scientex Bhd, Pharmaniaga Bhd, Malaysia Airports Holdings Bhd, Can-One Bhd, Duopharma Biotech Bhd and JF Technology Bhd.

Bloomberg said Asian stocks rose and US futures extended overnight gains amid optimism about progress on stimulus talks in Washington.

The dollar dipped, it said.

JF Apex Securities Research said US markets advanced overnight following progress in the coronavirus stimulus talks.

It said that earlier, European stocks declined as new infections hit record high in Europe.

“On the local market, the FBM KLCI dropped 7.14 points to 1,510.97 points.

“Following the positive performance in Wall Street, the FBM KLCI could stage a rebound but in the medium term remain sideways below the resistance of 1,550 points,” it said.