KLCI rises in tandem with regional gains

KLCI rises in tandem with regional gains

KUALA LUMPUR: The FBM KLCI rose in early trade this morning, tracking the gains at regional markets, lifted by gains at select index-linked stocks including Petronas counters.

At 9.05am, the FBM KLCI added 3.65 points to 1,599.50. 

The early gainers included Magni-Tech Industries Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, Petronas Gas Bhd, Westports Holdings Bhd, Axiata Group Bhd, MBM Resources Bhd and Pintaras Jaya Bhd.

Stocks in Asia were poised to edge higher following a late rally in US equities. The sell-off in Treasuries continued, according to Bloomberg.

Futures gained in Japan, Hong Kong and Australia. The S&P 500 Index erased losses in the final moments of trading as investors continued the recent trend of selling growth shares and buying value.

Chinese assets will be in focus after the country removed a foreign investment limit in its capital markets. Treasury yields built on recent moves higher, with the 10-year yield climbing to 1.73%. Oil fell after President Donald Trump fired one of his most hawkish advisers, though the move later dissipated, it said.

JF Apex Research said US markets ended flat as the bulls take a breather after a four-day winning streak on renewed optimism in US-China trade talks.

It said that earlier, European stocks climbed slightly higher following developments in Brexit and hopes of monetary stimulus in the upcoming ECB meeting.

“On the local bourse, the FBM KLCI dropped 8.62 points to 1595.85 points.

“Following the mixed performance in the US and Europe, the FBM KLCI could remain lacklustre with support at 1,590 points,” it said.

The Edge

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