FBM KLCI extends rebound on gloves rally, higher Brent prices

KUALA LUMPUR: The FBM KLCI gapped higher at the opening bell to extend its rebound from Wednesday's session.

Bursa Malaysia had been shuttered on Thursday owing to a national holiday, and played catch up to the positive US Federal Reserve decision to maintain low interest rates in support of the economy.

The S&P500 closed at a record high overnight while the Nasdaq hit an intra-day record high before paring some gains.

Meanwhile, glove heavyweights were seen rising given the increase in global Covid-19 infections while energy counters advanced on rising Brent crude prices.

At 9.03am, the FBM KLCI was up 2.95 points to 1,611.45.

Top Glove was up five sen to RM5.72, Hartalega rose eight sen to RM10.48 and Supermax climbed nine sen to RM5.96.

Petronas Chemicals jumped 22 sen to RM8.33 amid Brent crude's rally past the US$68 mark in the previous session.

The international benchmark of crude jumped to as high as US$68.95 a barrel in the previous session before closing slightly lower. On Friday, Brent was trading at US$68.30 a barrel.

On the broader market, top actively traded stocks were VC up one sen to 15 sen, Hiap Tek rising 2.5 sen to 59 sen and SC Builder gaining 0.5 sen to 12.5 sen.

Despite the positive momentum, Malacca Securities Research expects the ongoing range-bound movement on the FBM KLCI to continue.

"We expect the market to trade in consolidation with resistance level pegged along 1,615-1,635, while the support is set around 1,565-1,600," it said.
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Bursa Malaysia , FBM KLCI , equities


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