KLCI opens on the upside as US stocks rose overnight
KUALA LUMPUR: The FBM KLCI opened higher today before extending gains as
Asian equities took cue from US stocks’ Thursday overnight rise. Global shares
rose on US-China trade war de-escalation expectation and after the US announced
optimistic economic data.
At Bursa Malaysia today, the KLCI opened up 3.31 points or 0.21% at 1,603.06 at
9am. At 9:04am, the KLCI gained 5.26 points to 1,605.01.
Bloomberg reported today that stocks in Asia rose after a strong session on Wall Street as a slew of data bolstered confidence in the American economy.
It was reported that shares in Tokyo, Seoul and Sydney saw modest gains, with the MSCI Asia Pacific Index on course for its biggest weekly advance since June. The S&P 500 closed more than 1% higher as trade hostilities appeared to ease between the US and China, and strong US private payrolls data and a better-than-expected reading on the services sector there tamped down recession angst, according to Bloomberg.
In Malaysia, analysts said easing concerns on Brexit and Hong Kong’s political backdrop were also expected to support Malaysian shares.
“Lessening worries over (a) no-deal Brexit and political tensions in Hong Kong should cushion the local market’s downside ahead of the long weekend break, supported further by optimism over resumption of US-China trade talks next month,” TA Securities Holdings Bhd wrote in a note today.
Malaysian markets will be closed on Monday (Sept 9) in conjunction with Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah’s birthday, according to Bursa Malaysia.
“Bursa Malaysia and its subsidiaries will resume operations on Tuesday, 10 September 2019,” the bourse operator and regulator said in a statement.
