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KUALA LUMPUR (September 10): The FBM KLCI rose in early trading on Thursday, following regional markets after the nightly rally on Wall Street.
At 9:05 a.m., the benchmark index rose 2.80 points to 1,499.52.
The first winners were Malaysia Pacific Industries Bhd, Kossan Rubber Industries Bhd, UWC Bhd, Hartalega Holdings Bhd, Bursa Malaysia Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, Sarawak Consolidated Industries Bhd and Heineken Malaysia Bhd.
Bloomberg He said Asian stocks opened more firmly Thursday after US stocks rebounded from a three-day slide, and buyers pushed the Nasdaq 100 to its best day since April.
The dollar stabilized after the declines, he said.
Rakuten Trade Sdn Bhd in its daily market report said that Wall Street posted a strong technical rally yesterday with the Dow Jones industrial average gaining 440 points to close slightly below the 28,000 level.
The research house said it remains to be seen whether the rally is sustainable amid some late selling.
“However, we believe that regional markets will trend up today after yesterday’s whitewash.
“At the local level, we expect the FBM KLCI to also see a rally as the local stock market has been in a prolonged consolidation mode.
“As such, we believe that the benchmark is likely to test between the 1,510-1,520 range today,” he said.
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