KUALA LUMPUR (July 2): The FBM KLCI extended its gains in early trade in line with the uptrend at regional markets, while shares of glove makers remained the darlings of investors at the local bourse, riding on the jump in coronavirus cases overseas.

At 9.05am, the FBM KLCI gained 2.75 points to 1,517.18.

The early gainers included Kossan Rubber Industries Bhd, Top Glove Corp Bhd, Hartalega Holdings Bhd, United Plantations Bhd, Supermax Corp Bhd, Mega First Corp Bhd, Petronas Gas Bhd, Ibraco Bhd and Hong Leong Financial Group Bhd.

Bloomberg said Asian stocks saw modest gains Thursday after positive vaccine developments and U.S. data tempered concern over a jump in coronavirus cases and tensions over Hong Kong.
Treasuries and the dollar held losses, it said.

Rakuten Trade Sdn Bhd in its daily market report said stocks on Wall Street were rather mixed yesterday on hopes of a new vaccine amid a potential 2nd Covid-19 wave hitting the US again.

Therefore, it said despite the Dow Jones Industrial Average ending weaker to around 25,700 or almost 80 points lower, the tech heavy Nasdaq closed on another record high.

“As such we reckon regional markets to remain volatile and mixed today.

“On the local front, we expect the FBM KLCI to possibly see some profit taking today as the benchmark index to be rather flat trending between the 1,510-1,515 range following yesterday’s solid showing,” it said.