KLCI rises 0.52% in line with regional gains, seen trending around 1,505-1,510 range

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KUALA LUMPUR (Oct 8): The main index at Bursa Malaysia rose 0.52% in early trade Thursday, tracking gains at the regional markets.

At 9.10am, the benchmark FBM KLCI rose 7.72 points to 1,497.28.

The early gainers included Hartalega Holdings Bhd, Scientex Bhd, Kossan Rubber Industries Bhd, UWC Bhd, Latitude Tree Holdings Bhd, Greatech Technology Bhd, Panasonic Manufacturing Malaysia Bhd and Tong Herr Resources Bhd.

Bloomberg said Asian stocks followed their U.S. peers higher as investors mulled encouraging signs for Joe Biden in the presidential election race and what it could mean for stimulus.

Treasuries steadied after yields pushed higher, while the dollar slipped., it said.

Rakuten Trade in its daily market report said Wall Street yet again was dictated by Trump’s tweet as he backtracked and urged a swift approval for the US stimulus package.

It said as a result, the Dow Jones Industrial Average jumped by a massive 530 points surging past the 28,000 mark at 28,300.

“Therefore, we reckon regional markets to be broadly firmer today.

“On the domestic front, the FBM KLCI should reverse its losses yesterday following some last-minute selling.

“We believe the benchmark index to trend above the 1,500 level possibly to around the 1,505/10 range today,” it said.