KLCI tracks Wall Street higher as Hartalega, KLK lift

TheEdge Wed, Sep 23, 2020 09:13am - 7 months ago


KUALA LUMPUR (Sept 23): The main index at Bursa Malaysia opened higher Wednesday, tracking the overnight gains at Wall Street, as Hartalega Holdings Bhd and Kuala Lumpur Kepong Bhd (KLK) lifted.

At 9.05am, the benchmark FBM KLCI rose 1.83 points to 1,507.61.

The early gainers included Hartalega, Southern Acids (M) Bhd, MMAG Holdings Bhd, KLK, Petronas Gas Bhd, Hap Seng Consolidated Bhd, JF Technology Bhd and Teck Guan Perdana Bhd.

Bloomberg said Asian stocks traded mixed Wednesday as investors weighed U.S. dip buying against remarks from Federal Reserve officials that pointed to a slow economic recovery.

The dollar rebound stalled at key technical resistance, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street staged a technical rebound yesterday as buyers emerged in droves amidst the Feds call to support the US economy indefinitely.

It said the Dow Jones Industrial Average gained 140 points to close at almost the 27,300 level while the Nasdaq inched closer to the 11,000 threshold.

“In view of this, we reckon regional markets to trend higher today after days of decline.

“Locally, we expect the FBM KLCI to maintain its upward momentum having performed solidly yesterday.

“Hence, we believe the benchmark index to test the 1,510 mark today after which the 1,520 would be the immediate resistance level,” it said.

 






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