KLCI rebounds, rises 1.52% as index-linked banking stocks lift

KLCI rebounds, rises 1.52% as index-linked banking stocks lift
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KUALA LUMPUR (Dec 1): The main index at Bursa Malaysia rebounded in early trade Tuesday and rose 1.52%, tracking regional markets, lifted by key index-linked banking stocks.  

At 9.06am, the FBM KLCI jumped 24.16 points to 1,586.87.

The early gainers included Nestle (Malaysia) Bhd, Hong Leong Bank Bhd, Carlsberg Brewery Malaysia Bhd, AEON Credit Service (M) Bhd, Malaysian Pacific Industries Bhd, Tenaga Nasional Bhd, Public Bank Bhd, Petronas Dagangan Bhd, Malayan Banking Bhd and Allianz Malaysia Bhd.

Bloomberg said Asian stocks and US futures traded higher Tuesday as investors shrugged off an overnight slide in equities and once again embraced risk assets after an unprecedented month of gains.

The dollar dipped, it said.

Rakuten Trade in its daily market report said US major indices saw minor pullback after having a solid record run as positive vaccine news driving recovery hope with the new Biden presidency.

The research house said US futures rebounded hence regional markets are likely to be on a mixed tone mirroring performance of US markets.

“On the local front, yesterday saw the KLCI index lost major ground to close 1,562.7 due to the rebalancing of portfolios nonetheless overall market breadth remains positive.

“As such, we may see bargain hunting on the battered down index linked stocks and news of Moderna vaccine progress may see vaccine related stock interest today,” it said.