KUALA LUMPUR (Aug 27): The FBM KLCI opened higher today in line with the higher regional markets following the sharp overnight rebound at Wall Street and looked poised to eye the 1,600 level.

At 9am, the FBM KLCI rose 2.38 points to 1,582.75.

The top gainers included Petronas Dagangan Bhd, SAM Engineering & Equipment Bhd, Bursa Malaysia Bhd, MISC Bhd, Power Root Bhd, Malaysian Pacific Industries Bhd, Scientex Bhd, C.I. Holdings Bhd, Lafarge Malaysia Bhd and Gamuda Bhd.

Asian stocks rose on Thursday as a sharp rebound on Wall Street helped soothe investors' tattered nerves, while the dollar rallied as risk aversion eased, according to Reuters.

Stock markets around the world had tumbled earlier in the week as a slump in Shanghai shares fueled worries over China's economic health, but some calm returned after Beijing rolled out strong policy easing steps late on Tuesday, it said.

JF Apex Securities Research in a market preview today said US markets rallied following a sharp rebound to break a 6-day losing streak.

Meanwhile, it said European stocks declined on concerns over China's slowing economy and timing of US' interest rate hike.

“On the local front, the FBM KLCI gained 16.43 points to 1,580.37 points to extend its rebound.

“Following the positive performance in the US, the FBM KLCI might test its resistance of 1,600 points,” it said.