KUALA LUMPUR (May 19): The FBM KLCI rose 0.83% on sustained momentum, riding on the regional uptrend following the overnight surge at Wall Street.

At 9.06am, the FBM KLCI rose 11.75 points to 1,421.91.

The gainers included Kuala Lumpur Kepong Bhd, Bursa Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Public Bank Bhd, Yinson Holdings Bhd, Heineken Malaysia Bhd, Syarikat Takaful Malaysia Keluarga Bhd and Hong Leong Financial Group Bhd.

Bloomberg said Asian stocks opened higher Tuesday, spurred by a surge on Wall Street, after early results for an experimental vaccine sparked speculation economies could snap back quickly.

Oil extended gains and Treasury yields held near five-week highs, it said.

Rakuten Trade in its daily market report said Wall Street surged yesterday on hopes of an early success for a vaccine against Covid-19.

It said the Dow Jones Industrial Average jumped by more than 900 points to end up above 24,500.

“Therefore, one should expect such optimism to spread across the regional markets today.

“On the local front, we would expect the FBM KLCI to trend higher during the early sessions but may experience some profit taking along the way.

“Hence, we expect the benchmark index to test the 1,425 level and to close around the 1,420. Nonetheless, we continue to advise investors to exercise caution,” it said.

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