KLCI tracks regional markets higher, Top Glove and Public Bank lift

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KUALA LUMPUR (April 27): The FBM KLCI tracked the regional markets and moved higher early Monday, lifted by gains at select index-linked stocks.

At 9.05am, the FBM KLCI rose 5.39 points to 1,375.24.

The early gainers included United Plantations Bhd, Heineken Malaysia Bhd, Public Bank Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Hong Leong Financial Group Bhd, Hap Seng Consolidated Bhd, Aeon Credit Service (M) Bhd and British American Tobacco (M) Bhd.

Reuters said Asian shares inched higher on Monday ahead of a busy week for earnings and central bank meetings, with much chatter the Bank of Japan (BOJ) will announce more stimulus steps.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% in early trade, having shed 2.6% last week. Japan's Nikkei gained 1.1%, while E-Mini futures for the S&P 500 dipped 0.4%, it said.

Rakuten Trade in its daily market report today said Wall Street trended firmer last Friday on the pretext that crude oil prices are stabilizing.

However, it said all is not that rosy as US unemployment rate has spiked up to 4.4% so far in April from 3.5% at the beginning of this year.

“Therefore, we foresee equity markets to remain shaky as the regional indices may be stuck within a consolidation phase.

“The FBM KLCI that has been rather resilient succumbed to the selling hence closed the week on a weaker note.

“We expect the lack of indicators may see the index to trend lower to test the weak support of 1,360 as investors may want to stay sideline for now,” it said.

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