KLCI ticks up in line with region, tracking Wall Street rally

KLCI ticks up in line with region, tracking Wall Street rally
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KUALA LUMPUR (Feb 5): The main index at Bursa Malaysia ticked up in early trade Friday in line with regional markets, on the back of the overnight rally at Wall Street.

At 9.05am, the FBM KLCI was up 3.89 points to 1,588.79.

The early gainers included Malaysian Pacific Industries Bhd, Genetec Technology Bhd, ViTrox Corp Bhd, Mega First Corp Bhd, Kobay Technology Bhd, Lii Hen Industries Bhd, Mi Technovation Bhd and UWC Bhd.

Bloomberg said Asian stocks pushed higher Friday after their US peers climbed to a record on signs the labor market is healing.

Treasuries were steady after a widely watched segment of the yield curve steepened to levels last seen in 2015, it said.

JF Apex Research said US markets rallied overnight with the S&P and Nasdaq hitting record highs amid quarterly earnings, stimulus talks and vaccination.

It said that earlier, European stocks ended mixed as the Bank of England kept interest rates unchanged.

“On the local market, the FBM KLCI remained flat after adding 1.91 points or 0.12% to 1584.90 points.

“Following the positive performance in Wall Street, the FBM KLCI could follow suit and stage a rebound towards its resistance of 1615 points,” it said.