Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Nov 9): The main index at Bursa Malaysia rose 0.37% to stay firmly above the 1,500-point threshold as global stock markets climbed after Joe Biden won the presidential race.

At 9.05am, the FBM KLCI rose 5.74 points to 1,525.38.

The early gainers included Malaysian Pacific Industries Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (Malaysia) Bhd, Hartalega Holdings Bhd, Alliaz Malaysia Bhd, United Plantations Bhd, Greatech Technology Bhd, Comfort Gloves Bhd, Panasonic Manufacturing Malaysia Bhd and Scientex Bhd.

Bloomberg said US stock futures climbed with Asian equities Monday in a continuation of last week’s risk-on pattern after Joe Biden was declared the winner of the presidential race on Saturday.

The dollar extended declines, it said.

Rakuten Trade in its daily market report said stocks are set for a good showing today as positive knee jerk reaction towards President elect Joe Biden and most importantly the ouster of Trump.

It said as the US futures are currently trading at almost 300 points higher, we expect regional markets to react positively as well.

“At the local front, the FBM KLCI having surpassed the 1,500 level rather convincingly, we reckon the index to continue with its uptrend further with the 1,530 as the immediate target thereafter to challenge the 1,550 mark.

“Meanwhile, we noticed that the crude palm oil price remains resilient at above the RM3,300/MT thus should have positive effect on plantation stocks,” it said.

      Print
      Text Size
      Share