KLCI rebounds 0.56% in line with regional gains

KLCI rebounds 0.56% in line with regional gains
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KUALA LUMPUR (Feb 25): The main index at Bursa Malaysia rebounded 0.56% in early trade Thursday, tracking gains at regional markets.

At 9.05am, the FBM KLCI rose 8.83 points to 1,566.38.

The early gainers included Malaysian Pacific Industries Bhd, D&O Green Technologies Bhd, Uchi Technology Bhd, Hengyuan Refining Company Bhd, Inari Amertron Bhd, Allianz Malaysia Bhd,

Frontken Corp Bhd, Genetec Technology Bhd and DSB-Hicom Bhd.

Bloomberg said Asian stocks and U.S. futures rose Thursday after a rebound in the S&P 500 on encouraging vaccine news and soothing comments on inflation from Federal Reserve Chairman Jerome Powell.

Treasury yields were steady, it said.

JF Apex Research said US markets surged overnight with the Dow hitting a record high as bond yields came off their highs after the Federal Reserve chairman downplayed the threat of inflation.

It said that earlier, European stocks also advanced after the Fed chairman's comments and Germany's GDP growth.

“On the local market, the FBM KLCI dropped 7.50 points or 0.48% to its intraday low of 1557.55 points amid selling down of glove counters and negative market breadth with 995 losers against 332 gainers.

“Following the bullish performance in Wall Street, the FBM KLCI could follow suit and stage a rebound with support at 1550 points,” it said.