KLCI rises 0.59% as Top Glove and Hartalega lift, regional markets trade mixed

KLCI rises 0.59% as Top Glove and Hartalega lift, regional markets trade mixed
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KUALA LUMPUR (Aug 6): The FBM KLCI rose 0.69% in early trade this morning, lifted by select index-linked stocks including Top Glove Corp Bhd and Hartalega Holdings Bhd, against the backdrop of mixed regional markets.

At 9.05am, the benchmark index rose 11.03 points to 1,579.16.

The early gainers included UPA Corp Bhd, Petronas Dagangan Bhd, HLT Global Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd, Notion VTec Bhd, Top Glove, Hartalega and Tomei Consolidated Bhd.

Bloomberg said Asian stocks opened mixed Thursday after a three-day advance, while U.S. futures held overnight gains amid encouraging news on the vaccine front and speculation over progress on a stimulus package.

The dollar slipped toward its lowest in almost two years, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street closed mostly higher on hopes of more stimulus packages for the US.

It said while the Dow Jones Industrial Average gained 373 points to above the 27,000 mark, Nasdaq hit another record high to almost the 11,000 level.

“Therefore, we believe regional markets to maintain their uptrend following a breakout from their slumber yesterday.

“As for the local bourse, profit taking activities continued for the top 2 glove companies on Bursa as the FBM KLCI lost almost 40 points over the past week.

“Thus, we reckon the benchmark index to stage a rebound today with 1,580 as the immediate resistance level. Meanwhile, crude oil prices have been steadily climbing with the Brent now surpassed the US$45/barrel mark,” it said.