KUALA LUMPUR (Dec 13): The FBM KLCI rose 0.51% in early trade this morning in line with gains at the regional markets, lifted by select index-linked blue chips.

At 9.05am, the FBM KLCI rose 8.11 points to 1,575.45.

The early gainers included Nestle (M) Bhd, PPB Group Bhd, Hong Leong Bank Bhd, Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd and BIMB Holdings Bhd.

Reuters reported that Asian share markets jumped on Friday as a last-gasp Sino-U.S. trade deal and a likely major election win by Britain's Conservative Party looked to have cleared a couple of dark clouds from the global horizon.

The double dose of relief slugged safe-haven sovereign bonds and the Japanese yen, even leading investors to scale back the chance of more interest rates cuts around the world, it said.

Kenanga IB Research said Asian stocks mostly marched higher after the Federal Reserve indicated that interest rates were likely to remain accommodative throughout 2020 amid a solid economy.

It said back home, the FBMKLCI rose by another 4.15 points or 0.27% to close at 1,567.34.

“Chart-wise, the index has broken below all key SMAs coupled with a bearish signal from the MACD indicator.

“However, on the shorter-term, we do not discount the possibility of a continuation relief rebound rally given yesterday’s formation of a second consecutive bullish inverted hammer candlestick.

“From here on, the overhead resistance can be seen at 1,630 (R1) and 1,650 (R2). Conversely, immediate support levels can be found at 1,550 (R1) and 1,540 (R2),” it said.