KUALA LUMPUR (Feb 20): The FBM KLCI opened higher Thursday, tracking regional gains, lifted by index-linked Public Bank Bhd and Tenaga Nasional Bhd.

At 9.07am, the FBM KLCI was up 3.12 points to 1,537.28.

The gainers included Nestle (M) Bhd, DKSH Holdings (M) Bhd, United Plantations Bhd, Public Bank, Sarawak Consolidated Industries Bhd, Hengyuan Refining Company Bhd, Petron Malaysia Refining & Marketing Bhd, Tenaga Nasional, Dufu Technology Bhd and Pentamaster Corp Bhd.

Bloomberg said Japanese stocks gained after a slide in the yen, while stocks elsewhere in Asia opened with more modest gains as investors scrutinized the infection rate for the coronavirus after another methodology change in China.

The yen slumped overnight to its weakest in nine months amid concern the Japanese economy is heading toward recession and as Chinese stimulus reduces demand for some haven assets. China’s benchmark borrowing costs for new loans is expected to drop Thursday amid a swath of policy measures to fight the impact of the deadly coronavirus. Shares in South Korea and Australia opened firmer, while U.S. and European equities earlier closed at record highs, it said.

JF Apex Securities Research said the S&P 500 and Nasdaq Composite rose to record highs on Wednesday as tech shares outperformed while investors continued to weigh the coronavirus’ impact on the global economy.

It said that likewise, the pan-European Stoxx 600 closed provisionally up by around 0.8%, having notched a fresh record high earlier in the session. Technology shares led the gains with a 1.4% jump as all sectors and major bourses traded in positive territory.

“On the local market, the FBM KLCI shed 2.92 points or 0.19% to 1534.16 points yesterday.

“Following the positive performances in the US and Europe, the FBM KLCI could follow suit and trend higher with its resistance level at 1560 points,” it said.