KUALA LUMPUR (April 30): The FBM KLCI gained 0.58% in early trade this as key index-linked heavyweights advanced in line with regional markets on the back of the overnight surge at Wall Street.

At 9.02am, the FBM KLCI gained 0.58% or 8.07 points to 1,388.37.

The early gainers included Petronas Dagangan Bhd, Malaysia Airports Holdings Bhd, Petronas Chemicals Group Bhd, Tenaga Nasional Bhd, RHB Bank Bhd and Genting Bhd.

Bloomberg said Asian stocks rose on the final day of the month amid optimism from corporate results and signs of progress in treating the coronavirus.

The dollar held this week’s retreat, it said.

Rakuten Trade in its daily market report said Wall Street surged overnight as news of a potential drug that will speed up the recovery rate of Covid-19 emerged.

It said the DJI Average gained by more than 530 points threatening to test the 25,000 mark.

“As such, we expect regional markets to see firmer performances today as sentiments are buoyed by the positive developments.

 “On the local front, we anticipate the FBM KLCI to test the 1,400 level today but continue to advise caution as we envisage a plethora of bear traps as the higher the market, the more susceptible it will be to negative news.

 “We maintain our sell into strength strategy as the market remains volatile,” it said.

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