KLCI rises in early trade, tracks regional gains on firmer Wall Street close

KLCI rises in early trade, tracks regional gains on firmer Wall Street close
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KUALA LUMPUR (Aug 13): The FBM KLCI rose in early trade Thursday, tracking gains at regional markets and the overnight advance at Wall Street, lifted by index-linked glovemakers.

At 9.05am, the benchmark index was up 5.04 points to 1,561.68.

The early gainers included Carlsberg Brewery Malaysia Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd, KESM Industries Bhd, Rubberex Corp Bhd, Malaysian Pacific Industries Bhd and Hartalega Holdings Bhd.

Bloomberg said Asian stocks gained Thursday after U.S. peers briefly surpassed their all-time closing high, led by surging technology shares.

The dollar weakened and Treasury yields traded at five-week highs, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street continued with its uptrend as most major indices closed within touching distance from record highs.

The research house said funds shifted from bonds to equities as the US 10-year Treasury ended higher at 0.673% with the Dow Jones Industrial Average climbing 290 points to almost the 28,000 level.

“Hence, we expect regional markets to perform better today after days of consolidation.

“On the local front, we believe the FBM KLCI to remain volatile due to the ongoing profit taking on glove counters.

“Therefore we see the benchmark index to trend within a range of between 1,550-1,565,” it said.