KUALA LUMPUR (June 3): The FBM KLCI racked up gains in early trade Wednesday and stayed firmly above the 1,500-point level, tarcking regional gains, lifted by select blue chips while glovemakers continued to succumb to profit taking.

At 9.05am, the FBM KLCI rose 9.50 points to 1,517.19.

The gainers included Nestle (M) Bhd, Petronas Gas Bhd, PPB Group Bhd, Hong Leong Bank Bhd, Petron Malaysia Refining & Marketing Bhd, BIMB Holdings Bdh, Public Bank Bhd, Mega First Corp Bhd, Bursa Malaysia Bhd and Genting Bhd.

Bloomberg said Asian stocks extended a global stock rally Wednesday as investors continued to bet on a quick economic recovery from the coronavirus pandemic. The dollar slipped again.

Japanese shares led gains on yen weakness overnight, and stocks in Australia and South Korea also climbed. U.S. futures pushed higher after the S&P 500 closed at its highest since early March, with energy shares rising as crude oil extended its rebound. Gunmakers extended rallies as President Donald Trump vowed to dispatch troops if the recent social unrest isn’t contained. Treasuries were steady after Tuesday’s retreat, it said.

JF Apex Securities Research said US markets advanced overnight as investor optimism on reopening economies overshadowed nationwide riots and trade tension with China.

It said that similarly, European stocks rose following hopes of post-pandemic economic recovery after lockdowns were lifted.

“On the local market, the FBM KLCI surged 17.55 points to 1507.69 points.

“Following the positive performances in the US and Europe, the FBM KLCI could test the resistance of 1515 points,” it said.

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