KUALA LUMPUR (Feb 24): The main index at Bursa Malaysia rose 0.77% in early trade Wednesday as select index-linked stocks including Tenaga Nasional Bhd advanced, against the backdrop of mixed regional markets.
At 9.05am, the FBM KLCI rose 12.14 points to 1,577.19.
The early gainers included Nestle (M) Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Kuala Lumpur Kepong Bhd, Frontken Corp Bhd, Aeon Credit Service (M) Bhd, Latitude Tree Holdings Bhd, Tasco Bhd and Tenaga Nasional Bhd.
Bloomberg said U.S. equity futures fluctuated and Asian stocks looked set to slip as investors mulled comments from Federal Reserve Chairman Jerome Powell on inflation and growth that spurred swings in stocks and bonds Tuesday.
JF Apex Research said US markets ended mixed with the Dow reversing intraday steep losses after the Federal Reserve chairman eased concerns about inflation and rising rates.
It said that earlier, European stocks declined following losses in technology counters and rising bond yields.
“On the local market, the FBM KLCI lost 5.41 points or 0.34% to 1565.05 points.
“Following the mixed performances in the US and Europe, the FBM KLCI could remain pressured and test the immediate support of 1560 points,” it said.