Friday 29 Mar 2024
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KUALA LUMPUR (Nov 5): The main index at Bursa Malaysia rose 0.75% in early trade Thursday, tracking regional markets and the overnight gains at Wall Street, as Petronas-linked stocks and Public Bank Bhd lifted.

At 9.05am, the FBM KLCI rose 11.09 points to 1,475.70.

The early gainers included Fraser & Neave Holdings Bhd, Malaysian Pacific Industries Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, Carlsberg Brewery Malaysia Bhd, Public Bank and Mega First Corp Bhd.

Bloomberg said Asian stocks pushed higher after strong gains in US equities and bonds, as investors sought out the defensive qualities of technology shares and backed away from bets on a massive economic stimulus package.

Rakuten Trade in its daily market report said Wall Street experienced wild swings in prices amid the ongoing US presidential election results that may lead to the Supreme Court as Trump is staring at a defeat.

It said the Dow Jones Industrial Average which touched 28,300 at one point finally settled at the 27,800 level or 370 points higher.

“As such, we can expect some volatility within the regional markets today.

“As for the local bourse which is more detach from Wall Street, we reckon the FBM KLCI may again test the 1,470 level today to emerge from prevailing consolidation.

“Meanwhile, have a look at the plantation stocks as CPO (crude palm oil) prices have been on an uptrend at around the RM3,300/MT of late,” it said.

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