KUALA LUMPUR (June 16): The FBM KLCI rebounded 1.50% in early trade Tuesday, tracking regional markets following the ovenight recovery at Wall Street, lifted by resurgent glove stocks.

At 9.05am, the FBM KLCI jumped 22.64 points to 1,521.47.

The early gainers included Top Glove Corp Bhd, Panasonic Manufacturing Malaysia Bhd, Supermax Corp Bhd, Allianz Malaysia Bhd, Hartalega Holdings Bhd, Mega First Corp Bhd, Dufu Technology Bhd and Kossan Rubber Industries Bhd.

Bloomberg said Asian stocks rebounded from their biggest decline since March and U.S. futures climbed after the Federal Reserve -- again -- boosted investor sentiment in face of worries over a second wave of the coronavirus.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street staged a remarkable rebound on news of more stimulus from the Feds.

It said the Dow Jones Industrial Average recovered by around 900 points to close the session almost 160 points higher to just below the 25,800 mark.

“With this, regional markets may see some recovery following the sell-down yesterday.

“On the local front, the FBM KLCI should see a mild recovery at around the 1,500-1,520 levels after a steep decline yesterday.

“Nonetheless, we remain cautious on equities as many are inferring of a 2nd Covid-19 wave coupled with the escalating tension between South and North Korea amid the fragile sentiments,” it said.