KUALA LUMPUR (Feb 2): The main index at Bursa Malaysia rebounded in early trade Tuesday and rose 0.77%, tracking regional markets on the back of the overnigjht rally at Wall Street, as key index-linked stocks lifted.
At 9.05am, the FBM KLCI rose 12.10 points to 1,578.50.
The early gainers included KESM Industries Bhd, Petronas Gas Bhd, Hartalega Holdings Bhd, Petronas Dagangan Bhd, Top Glove Corp Bhd, Genetec Technology Bhd, SKP Resources Bhd and Tasco Bhd.
Bloomberg said Asian stocks opened higher Tuesday after U.S. shares had their biggest rally in about 10 weeks as concerns eased that the recent onslaught of speculative buying will derail the equity bull market.
The dollar stabilised after gains, it said.
JF Apex Research said US markets rallied overnight in a sharp rebound amid volatile trading as investors monitor corporate earnings and stimulus talks.
It said that similarly, European stocks advanced following progress in deployment of coronavirus vaccine.
“On the local market, the FBM KLCI dropped 14.22 points or 0.90% to 1,566.40 points.
“Following the bullish sentiment in Wall Street, the FBM KLCI could stage a rebound with support at 1,550 points,” it said.