KLCI rebounds 1.5% in line with regional gains

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KUALA LUMPUR (May 31): The FBM KLCI rebounded 1.5% in early trade, tracking gains at most regional markets.

At 9.05am, the FBM KLCI rose 25.46 points to 1,744.74.

The gainers included Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, Public Bank Bhd, Malaysia Airports Holdings Bhd, Hong Leong Financial Group Bhd, Petronas Gas Bhd, Tenaga Nasional Bhd, Hengyuan Refining Comnpany Bhd, Top Glove Corp Bhd and British American Tobacco (M) Bhd.

Asian stocks rebounded from a two-month trough on Thursday, while the euro enjoyed a respite after sinking to its lowest in 10 months as political turmoil in Italy that had roiled global financial markets showed signs of easing, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.3 percent having slumped to its weakest since the start of April on Wednesday, it said.

JF Apex Securities Research in a market preview said US markets rallied overnight after rebound in banking counters following easing concerns on the political situation in Italy.

It said that earlier, European stocks posted slight gains as fears of a political crisis in Italy receded.

“On the local market, the FBM KLCI plunged 56.56 points to 1719.28 points.

“Following the rebound in Wall Street and Europe, the FBM KLCI is expected to bounce off the support of 1710 points,” it said.