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KUALA LUMPUR (May 12): The FBM KLCI rose to early trade amid mixed regional markets due to concerns about a second global wave of the coronavirus pandemic that raised index-linked glove makers.
At 9.05 a.m., the FBM KLCI gained 1.41 points at 1,383.72.
Early winners included Top Glove Corp Bhd, United Plantations Bhd, Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Can-One Bhd, Petron Malaysia Refining & Marketing Bhd, and Hengyuan Refining Company Bhd.
Bloomberg He said Asian stocks opened mixed on Tuesday when traders assessed the challenges economies are facing by removing restrictions to contain the coronavirus pandemic. The dollar maintained gains.
Equity benchmarks fluctuated in Tokyo and sank in Sydney and Seoul. Futures in Hong Kong rose. S&P 500 contracts fell after the index closed unchanged. New York Governor Andrew Cuomo said businesses that include construction, sidewalk retail, driving movies and some recreational activities will reopen this week on a regional basis. Still, Mayor Bill de Blasio said the New York City lockdown will likely last until June. Treasury bonds were stable and oil stabilized as production cuts were seen to ease storage pressures, he said.
Rakuten Trade, in its daily market report, said yesterday was another field day for traders on Wall Street in the hope that the United States is easing its blockade despite the unemployment rate rising to a record high of 14 , 7%.
Although the DJI Average ended in red, the index recovered 200 points from its low for the day.
“Therefore, we can expect a choppy session today for regional markets after quite solid performance yesterday.
“Due to the lack of catalysts, we expect the FBM KLCI to be stuck within a narrow range of between 1,375 / 90,” he said.
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