KLCI edges up in line with modest regional gains, seen hovering at 1,500-1,510

KLCI edges up in line with modest regional gains, seen hovering at 1,500-1,510
-A +A

KUALA LUMPUR (Oct 5): The main index at Bursa Malaysia edged up in early trade Monday, tracking the modest gains at regional markets.

At 9.10am, the benchmark FBM KLCI added 1.50 points to 1,501.80.

The early gainers included Kossan Rubber Industries Bhd, Hong Leong Industries Bhd, Kuala Lumpur Kepong Bhd, Scientex Bhd, Prolexus Bhd, Supermax Corp Bhd, Petronas Gas Bhd and UWC Bhd.

Bloomberg said Asian stocks climbed with U.S. futures Monday as traders reacted to the possibility President Donald Trump may be able to leave hospital as soon as Monday.

The yen retreated with Treasuries, it said.

JF Apex Securities Research said concerns over the worsening pandemic and Trump’s health sent Wall Street reeling as sellers swamped trading activities.

However, it said news of an impending stimulus package saw some late buying as the Dow Jones Industrial Average closed off lows as it lost 134 points at 27,682.

“As such, we reckon regional markets to be steadier today following a mixed session last Friday.

‘On the local front, we expect the FBM KLCI to continue with its uptrend as we saw some late buying to push the benchmark index above the 1,500 level.

“In view of this, we expect the index to trend within the 1,500-1,510 range today,” it said.