KLCI resumes trade on high note as glovemakers continue to shine

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KUALA LUMPUR (May 27): The FBM KLCI resumed trade on Wednesday after the Hari Raya holidays on a high note as index-linked glove makers continued to shine, against the backdrop of mixed regional markets

At 9.05am, the FBM KLCI rose  11.33 points to 1,448.09.

The early gainers included Nestle (M) Bhd, Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Petronas Dagangan Bhd, Kossan Rubber Industries Bhd, Heineken Malaysia Bhd and United Plantations Bhd.

Bloomberg said Asian stocks saw a mixed open Wednesday as investors weighed a report that the Trump administration is considering sanctions on Chinese officials, another sign of deteriorating Sino-American relations.

The dollar and Treasuries held overnight losses, it said.

JF Apex Securities Research said US markets rose overnight amid better-than-expected new home sales, US-China trade tension and reopening of economies from coronavirus lockdown.

It said that similarly, European stocks advanced on potential coronavirus vaccine.

“On the local market, the FBM KLCI lost 15.35 points to 1436.76 points (last Friday).

“Following the bullish performances in the US and Europe, the FBM KLCI could climb towards its resistance of 1455 points,” it said.