Tuesday 19 Mar 2024
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KUALA LUMPUR (July 15): The FBM KLCI edged up in early trade Wednesday in line with the regional stocks and U.S. equity futures that climbed higher on optimism over progress in a vaccine against coronavirus.

At 9.05am, the bellwether index added 0.88 points to 1,599.63.

The early gainers included Pharmaniaga Holdings Bhd, Duopharma Biotech Bhd, Supermax-C87, Supermax-C90, Supermax-C84, Hartalega-C39, Comfort Gloves Bhd, Hap Seng Consolidated Bhd, Supermax-C89 and Resevoir Link Energy Bhd.

Bloomberg said Asian stocks and U.S. equity futures climbed Wednesday amid optimism that progress is being made in developing a defense against the coronavirus.

The dollar retreated, it said.

Rakuten Trade Sdn Bhd in its daily market report said news of potential vaccine for Covid-19 helped push Wall Street to higher levels with the Dow Jones Industrial Average gaining 556 points to close at almost the 26,650 level.

It said this is despite a spike up of coronavirus cases in the US.

“Notwithstanding this, we expect regional markets to see a rebound today after yesterday’s decline.

“Locally, we envisage the FBM KLCI to break the 1,600 mark today following yesterday’s blip.

“As such, we expect the benchmark index to hover within the 1,610-1,615 range. Meanwhile, we continue to advocate investors to exercise caution as the US – China trade tension escalates,” it said.

 

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