KUALA LUMPUR (June 9): The FBM KLCI got off to a strong start on Tuesday as the local market was rejuvenated with the nation's short-term economic recovery plan as well as the start of the recovery phase of the movement control order.

At 9.05am, the FBM KLCI jumped 26.49 points to 1,582.82.

The top gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, Top Glove Corp Bhd, Hong Leong Financial Group Bhd, Supermax Corp Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Bank Bhd and Malaysia Airports Holdings Bhd.

snapped its rally and paused for a breather in early trade Friday as key index-linked stocks fell ahead of the announcement on the nation's short-term economic recovery plan for the June to December 2020 period later today.

Investors will closely follow Prime Minister Tan Sri Muhyiddin Yassin’s scheduled announcement at 3pm today.

At 9.05am, the FBM KLCI dipped 1.50 points to 1.560.34.

The top losers included Malaysia Airports Holdings Bhd, Petronas Dagangan Bhd, Hap Seng Consolidated Bhd, Carlsberg Brewery Malaysia Bhd, Tenaga Nasional Bhd, Can-One Bhd, Petronas Chemicals Group Bhd, Malayan Banking Bhd and Public Bank Bhd.

Bloomberg said Asian stocks opened mostly higher Tuesday, extending a global rally after their U.S. peers pushed back into the green for the year as easing lockdowns bolstered economic optimism.

The dollar extended a decline, it said.

JF Apex Securities Research said US markets surged overnight as the bullish momentum continues to be fueled by investor optimism on reopening of the economy and government stimulus.

It said that earlier, European stocks declined following lower German industrial production.

“On the local market, the FBM KLCI lost 5.31 points to 1556.33 points.

“Following the positive performance in Wall Street as well as the government's RM35 billion package announced on Friday, the FBM KLCI could extend its uptrend towards the resistance of 1570 points,” it said.

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