KLCI rises 0.40% as select blue chips lift, regional markets muted

KLCI rises 0.40% as select blue chips lift, regional markets muted
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KUALA LUMPUR (Feb 9): The main index at Bursa Malaysia rose 0.40% in early trade Tuesday, lifted by select blue chips against the backdrop of muted regional markets.

At 9.05am, the FBM KLCI was up 6.25 points to 1,579.58.

The early gainers included Malaysian Pacific Industries Bhd, Petronas Dagangan Bhd, Telekom Malaysia Bhd, Carlsberg Brewery Malaysia Bhd. Press Metal Aluiminium Holdings Bhd, Knusford Bhd, Hengyuan Refining Company Bhd and Opcom Holdings Bhd.

Bloomberg said the global equity rally took a breather in Asia Tuesday as investors mulled stimulus prospects and the impact of rising inflation expectations with stocks at record highs.

Oil extended gains, it said.

Rakuten Trade said Wall Street closed on fresh record highs as traders are optimistic of another stimulus relief package soon.

It said the Dow Jones Industrial Average gained 238 points to almost the 31,400 mark whilst both the S&P 500 and Nasdaq climbed 0.7% and 1.0% respectively.

“Domestically, the FBM KLCI again succumbed to some late selling in particular on rubber glove stocks.

“We noticed sentiments remained fragile as investors maintained their short term mode.

“Nonetheless, we are still adamant that the index will reverse its downtrend to test the 1,580/90 range as buying interests on rubber gloves could be back following days of selling down.

“Meanwhile, we expect Oil & Gas stocks to stay upbeat as the Brent Crude finally breached the US$60/barrel mark to close at US$60.50 which is more than a 1-year high,” it said.