KLCI rises 0.76% on resuming trade after CNY holiday

KLCI rises 0.76% on resuming trade after CNY holiday
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KUALA LUMPUR (Feb 15): The main index at Bursa Malaysia rose 0.76% early on Monday as the local market resumed trade after the extended weekend for the Lunar New Year holiday.

At 9.05am, the FBM KLCI was up 12.28 points to 1,611.70.

The early gainers included Nestle (Malaysia) Bhd, UWC Bhd, Grand Hoover Bhd, Petronas Dagangan Bhd, Tenaga Nasional Bhd, Hengyuan Refining Company Bhd, Pentamaster Corp Bhd, Petron Malaysia Refining & Marketing Bhd and Genetec Technology Bhd.

Bloomberg said Asian stocks looked set for gains Monday amid signs that the pace of coronavirus outbreaks continues to slow.

WTI crude oil breached US$60 dollars a barrel as an arctic freeze grips parts of the US, it said.

JF Apex Research said US stocks finished marginally higher last Friday to set another round of record close.

It said that likewise, European stocks closed higher last Friday, as investors monitored a fresh batch of economic data and the gathering pace of vaccinations against Covid-19.

“On the local front, the FBM KLCI index gained 2.57 points or 0.16% to 1,599.42 points last Thursday.

“Market breadth was positive with 574 gainers as compared to 383 losers.

“Following the positive momentum posted by the overseas markets, the local benchmark index could extend its gain and climb towards the resistance level of 1,615 points,” it said.