KUALA LUMPUR (March 5): The FBM KLCI rose in early trade, taking its cue from the advance at regional markets on the back of the overnight surge at Wall Street.

At 9.0.5am, the FBM KLCI was up 3.94 points to 1,493.89.

The early gainers included Nestle (M) Bhd, United Plantations Bhd, Hong Leong Financial Group Bhd, Daibochi Bhd, Petronas Dagangan Bhd, Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd, Tenaga Nasional Bhd and Petronas Chemicals Group Bhd.

Bloomberg said  Asian stocks extended a global equity rally after an emergency U.S. spending bill to combat the impact of the coronavirus added to signs of support from policy makers around the world. The yen held losses.

Equities in Japan and Australia opened more than 1% higher, with regional shares set for a fourth day of gains. U.S. futures dipped after the S&P 500 surged more than 4% in the wake of Congress authorizing nearly $8 billion for virus prevention. The Bank of Canada joined this week’s wave of global central bank action and Australia’s finance minister on Thursday said stimulus will come very soon as speculation grew that governments will provide more help with the outbreak hitting economic growth prospects. Joe Biden’s surprise surge in Tuesday’s presidential primaries added to bullish sentiment, it said.

JF Apex Securities Research said US markets rallied overnight amid gains in healthcare counters and vice president Joe Biden secured presidential nomination in several states.

It said that similarly, European stocks advanced following investor optimism that central banks will roll out stimulus to mitigate the economic impact caused by the coronavirus.

“On the local market, the FBM KLCI rose 11.31 points to 1489.95 points.

“Following the positive performances in the US and Europe, the FBM KLCI could follow suit and extend its rebound towards the resistance of 1520 points,”it said.