KLCI opens higher in line with regional rally

(Nov 22): The FBM KLCI opened higher this morning in line with the rally at most regional markets, and moved firmly above the 1,720-point level.

At 9.05am, the FBM KLCI rose 2.87 points to 1,723.55.

The early gainers included Petronas Dagangan Bhd, Heineken Bhd, (M) Bhd, Hengyuan Refining Company Bhd, Mercury Industries Bhd, ViTrox Corp Bhd, Padini Holdings Bhd, Genting Bhd and Hartalega Holdings Bhd.

Asian shares scaled a fresh decade peak on Wednesday thanks to surging markets in Europe and , as strong and rising corporate profits lured hordes of investors into , according to Reuters.

MSCI’s broadest index of Asia- shares outside Japan added 0.3 percent to Wednesday’s 1.3 percent rise – the biggest gain in eight months, it said.

JF Apex Securities Research in a market preview said US markets rallied to record highs after being lifted by technology counters and corporate earnings.

It said that earlier, European stocks advanced after being led by automotive counters despite the political uncertainty in Germany.

“On the local market, the FBM KLCI rose 2.32 points to 1720.68 points.

“Following the recent lacklustre performance, the FBM KLCI could continue to remain pressured and hover below the resistance of 1,730 points,” it said.

Source: The Edge Markets

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