KLCI trends higher as region rises on US stimulus talks optimism

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KUALA LUMPUR (Oct 19): The main index at Bursa Malaysia rebounded and ticked higher in early trade Monday, tracking the gains at regional markets on optimism about progress talks on stilumus talks in the US.

At 9.10am, the benchmark FBM KLCI added 3.52 points to 1,507.36.

The early gainers included Nestle (Malaysia) Bhd, TIME dotCom Bhd, Scientex Bhd, Rubberex Corp (M) Bhd, Greatech Technology Bhd, Mega First Corp Bhd, Malaysian Pacific Industries Bhd and Petronas Chemicals Group Bhd.

Bloomberg said Asian stocks rose with US futures Monday amid optimism about some progress on stimulus talks in Washington.

Treasuries retreated, it said.

Rakuten Trade in its daily market report said Wall Street performed credibly despite some profit taking late in the session.

It said the Dow Jones Industrial Average gained 112 points to around the 28,600 level amid improving economic data in the US.

“With the US futures trending higher at the moment, we reckon regional markets to follow suit and improve today.

“Locally, we expect a rebound is in store following a rather weak showing last week.

“Though we expect liquidity to continue pouring into the penny stocks, we expect the FBM KLCI to trend higher today oscillating within the 1,510/15 range today,” it said.