KLCI follows regional markets higher, takes cue from Wall St rally

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KUALA LUMPUR (Sept 3): The FBM KLCI followed regional markets higher on the back of the overnight rally at Wall Street.

At 9.05am, the benchmark index was up 4.01 points to 1,541.55.

The early gainers included Malaysian Pacific Industries Bhd, Top Glove Corp Bhd, IQ Group Bhd, Supermax Corp Bhd, UWC Bhd, Hong Leong Financial Group Bhd and Sarawak Consolidated Industries Bhd.

Bloomberg said stocks in Asia followed their U.S. peers higher amid signs a rally that took global equities to a record high is broadening into other sectors and away from technology.
Treasuries edged up, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street rallied as investors chased for laggards putting the dismal US employment data largely in check.

It said the Dow Jones Industrial Average gained 455 points to close above the 29,000 mark.

“In view of this, we reckon regional markets to tag the US market positively today.

“On the domestic front, we believe the FBM KLCI to potentially see more upside following a strong late buying yesterday.

“Therefore, we expect the benchmark index to trend higher today testing the 1,550 level,” it said.