KUALA LUMPUR (May 8): The FBM KLCI rose 0.75% in tandem with regional markets in early trade Friday, as most nations began to gradually ease lockdowns to get their economies to reopen.

At 9.05am, the FBM KLCI rose 10.40 points to 1,387.33.

The early gainers included LPI Capital Bhd, Tenaga Nasional Bhd, G3 Global Bhd, Public Bank Bhd, Can-One Bhd, Kossan Rubber Industries Bhd, Petronas Gas Bhd, Hengyuan Refining Company Bhd, United Plantations Bhd and Dialog Group Bhd.

Bloomberg said Asian equities opened higher on Friday and U.S. futures climbed as investors continue to weigh moves to reopen economies against data illustrating the enormous damage wreaked by the coronavirus.

Japanese shares rose modestly at the open, along with those in Sydney and Seoul. S&P 500 contracts edged higher following gains in U.S. stocks Thursday. Filings for unemployment continued at historically high levels, but fell from the prior week. The tech-heavy Nasdaq Composite turned positive for the year, wiping out losses that reached as much as 24% at the depths of the pandemic-fueled sell-off. Two-year Treasury yields steadied after plunging to a record low, it said.

JF Apex Securities Research said US markets ended slightly higher overnight led by gains in technology counters as the economy reopens.

It said that earlier, European stocks advanced as governments begin lifting lockdowns and the Bank of England kept interest rates unchanged.

“On the local market, the FBM KLCI lost 12.62 points to 1376.93 points following a last minute selldown.

“Following the positive performances in the US and Europe, the FBM KLCI could remain buoyed above the support level of 1370 points,” it said.

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