KLCI rises 0.68%, Petronas-linked stocks lift

-A +A

KUALA LUMPUR (Oct 6): The FBM KLCI rose 0.68% at the opening bell today as Petronas-linked stocks as well as other key blue chips lifted the local index in line with the gains at regional markets.

At 9am, the FBM KLCI rose 11.39 points to 1,658.98.

The top gainers included Petronas Gas Bhd, MISC Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd, Tenaga Nasional Bhd, Telekom Malaysia Bhd, Sime Darby Bhd and Petronas Chemicals Group Bhd.

The prospect of a delay in the U.S. Federal Reserve's plan to raise interest rates and signs of some stability in oil and commodity markets boosted Asian stocks on Tuesday, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7 percent to two-week high, it said.

JF Apex Securities Research in a market preview today said US markets surged over 1.5% after Friday's weaker jobs data could prompt the Federal Reserve to postpone rate hike to next year.

Similarly, it said European stocks rallied over 2.5% as US' employment report could see the Fed keep the record low interest rate for the rest of the year.

“On the local market, the FBM KLCI jumped 18.79 points to 1647.59 points.

“Following the rally in Wall Street, we expect the FBM KLCI to test its critical resistance of 1670 points,” it said.