KLCI rises 0.38% on select index-linked stocks as regional markets trade mixed, US corporate earnings eyed

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KUALA LUMPUR (April 14): The FBM KLCI advanced 0.38% in early trade Tuesday as gains at select index-linked stocks lifted the local bellwether, against the backdrop of mixed regional markets, with US corporate earnings this week set to dictate investor sentiment.

At 9.05am, the FBM KLCI rose 5.14 points to 1,361.17.

The early gainers included British American Tobacco (M) Bhd, Heineken Malaysia Bhd, Westports Holdings Bhd, Top Glove Corp Bhd, KESM Industries Bhd, IOI Corp Bhd, Petron Malaysia Refining & Marketing Bhd, Tenaga Nasional Bhd, Digi.Com Bhd and Supermax Corp Bhd.

Bloomberg reported Asian stocks looked set for a mixed start to Tuesday ahead of one of the most uncertain earnings seasons on record as the coronavirus pandemic rattles the global economy. U.S. equities retreated.

Futures in Japan pointed to a modest rise, while stock markets in Hong Kong and Australia reopen after holidays. The S&P 500 Index closed lower though the Nasdaq managed to gain. U.S. futures were little changed in Asia trading. Oil fluctuated as investors weighed whether an unprecedented deal by the world’s biggest producers to cut output could stabilize the market. Treasuries and the dollar retreated, it said.

JF Apex Securities Research said US markets ended mixed overnight as investors brace the corporate results season affected by the coronavirus while European markets remained closed.

“On the local market, the FBM KLCI ended flat after shedding 1.47 points to 1356.03 points.

“Following the recent flattish trend, the FBM KLCI could remain sideways below the resistance of 1370 points,” it said.

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