KUALA LUMPUR (Jan 9): The FBM KLCI rebounded in early trade Thursday, tarcking the rally at regional markets, lifted by gains including of Public Bank Bhd, UMW Holdings Bhd and Malaysia Airports Holdings Bhd (MAHB).

At 9.05am, the FBM KLCI rose 8.48 points to 1,597.58.

The gainers included Malaysian Pacific Industries Bhd, Kuala Lumpur Kepong Bhd, Public Bank Bhd, UMW Holdings Bhd, KESM Industries Bhd, MAHB, Master-Pack Group Bhd, Allianz Malaysia Bhd, Sarawak Oil Palms Bhd and Aeon Credit Service (M) Bhd.

Bloomberg said stocks in Asia rallied, tracking moves higher in American equities, after the U.S. and Iran appeared to be stepping back from a deeper military conflict. Havens from the yen to Treasuries held losses and oil steadied after its slide.

Shares rose in Japan and South Korea, with stocks in Australia higher along with bond yields, as risk appetite spread to Asia. The S&P 500 Index earlier rose with Treasury yields as President Donald Trump’s measured remarks on Iran suggested tensions were easing. Traders remained wary of developments after reports of a rocket attack in Baghdad took the edge off a positive Wall Street session late Wednesday, it said.

JF Apex Securities Research said US markets rose overnight with the Nasdaq hitting all-time high after President Trump's comments eased the US-Iran tension.

It said that earlier, European stocks closed slightly higher after surrendering intraday gains as Iran attacked US airbases in Iraq.

“On the local market, the FBM KLCI plunged 21.94 points to 1589.10 points.

“Following the positive performances in the US and Europe, the FBM KLCI could be rebound and climb towards its resistance of 1615 points,” it said.