KLCI rebounds, tracks regional gains after overnight Wall Street rally, tech stocks advance

KLCI rebounds, tracks regional gains after overnight Wall Street rally, tech stocks advance
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KUALA LUMPUR (Aug 4): The FBM KLCI rebounded in early trade Tuesday, tracking the gains at regional markets on the back of the overnight rally at Wall Street, while technology-related stocks on Bursa Malaysia advanced.

At 9.05am, the benchmark index rose 5.12 points to 1,577.73.

The early gainers included Malaysian Pacific Industries Bhd, Adventa Bhd, HLT Global Bhd, Rubberex Corp Bhd, Pentamaster Corp Bhd, Careplus Group Bhd, Unisem (M) Bhd, Notion Vtec Bhd and Comfort Gloves Bhd.

Bloomberg said Asian stocks opened higher Tuesday after a technology-fueled rally in the U.S. amid positive economic data and the potential for further stimulus.

The dollar held gains, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street ended broadly higher on hopes of more stimulus to revive the US economy.

It said tech stocks remained in the limelight as the Nasdaq closed on another record high with the Dow Jones Industrial Average gained 236 points to end above the 26,660 mark.

“Hence we expect regional markets to track the US equities and trend higher today.

“On the local front, the FBM KLCI should also stage a rebound today following yesterday’s rather steep decline.

“As such we reckon the benchmark index to possibly test the 1,590 level today which is the immediate resistance,” it said.