Friday 29 Mar 2024
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KUALA LUMPUR (Sept 1): The FBM KLCI surged 1.98% in early trade, lifted by key blue chips despite the wobbly sentiment at more global markets.

At 9.10am, the FBM KLCI jumped 32.60 points to 1,645.34.

The top gainers included Petronas Dagangan Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Batu Kawan Bhd, Tenaga Nasional Bhd, MISC Bhd, IHH Healthcare Bhd, Sime Darby Bhd and Genting Bhd.

Asian shares were skittish in early on Tuesday after logging their worst month in three years and the dollar struggled as investors braced for data from China that could raise fresh fears about the health of its economy, according to Reuters.

Losses on Wall Street also soured sentiment after comments from Federal Reserve Vice Chairman Stanley Fischer heightened fears among investors of a potential US interest hike in September, it said.

JF Apex Securities Research in a market preview today said US markets declined following uncertainty on China and the Federal Reserve's rate hike.

Similarly, it said European stocks ended lower following concerns that China's government will stop supporting its stock market.

“On the local market, the FBM KLCI gained 11.04 points to 1,612.74 points to extend its rebound rally.

“Following the decline in the US and Europe, we expect the FBM KLCI to be negative today and test its psychological support level of 1,600 points. Resistance is seen at 1,630 points,” it said.

 

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