KUALA LUMPUR (Oct 21): Malaysian shares may take the cue from overnight US market gains, and the rise in world equity futures today.
The FBM KLCI, which surpassed the 1,800-point level on technical rebound following recent substantial losses, could generate further confidence in the local market.
Investors will be keen to see if the 30-stock index is able to sustain its gains above the 1,800 in the coming days.
Yesterday, the KLCI rose 14.83 points or 0.8% to settle at 1,803.14. Overnight, the US' Dow Jones Industrial Average rose 0.12%, S&P 500 gained 0.91% while Nasdaq Composite added 1.35%
Today, Bloomberg reported that US and Japanese index futures rose with New Zealand stocks before China reports on economic growth and factory output. Australia’s dollar held gains against the greenback while copper declined with palladium.
Nikkei 225 Stock Average futures in Chicago added 0.4% by 7:45 a.m. in Tokyo, while the NZX 50 Index, the first major stock gauge to open in the Asia-Pacific region, increased 0.2% in Wellington. Futures on the Standard & Poor’s 500 Index climbed 0.1% after the equity measure rose 0.9% in a third day of gains.