KLCI rises in early trade, Public Bank and Tenaga lift

KUALA LUMPUR (Jan 17): The FBM KLCI rose in early trade Friday, in line with regional gains, lifted by advances at index-linked stocks including Public Bank Bhd and Tenaga Nasional Bhd.

At 9.05am, the FBM KLCI rose 3.12 points to 1,591.00.

The gainers included Carlsberg Brewery Malaysia Bhd, Public Bank, Heineken Malaysia Bhd, Petronas Gas Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Tenaga Nasional, Eupe Corp Bhd, Notion VTec Bhd and IOI Corp Bhd.

Bloombergsaid Asian stocks looked set to advance as the record-setting U.S. rally showed little sign of letting up amid signs of strong American consumer demand. Treasury yields edged up.

Shares opened higher in Australia, while futures rose in Japan and Hong Kong. Futures on the S&P 500 nudged higher after the gauge on Thursday climbed to a fresh all-time high, with technology and financial shares leading the charge. Alphabet Inc.’s market valuation hit $1 trillion for the first time. Treasuries fell after data showed U.S. retail sales strengthened in December, while the dollar rose. Long-dated U.S. bond futures ticked down after the Treasury said it will start issuing 20-year debt in the first half of 2020 as its expands its roster of securities, it said.

JF Apex Securities Research said US markets climbed to record highs following better-than-expected quarterly earnings and jobless claims.

It said that earlier, European stocks advanced after the phase one trade deal between the US and China was sealed.

“On the local market, the FBM KLCI added 2.74 points to 1587.88 points after rebounding from an intraday low of 1575.77 points.

“Following the bullish performances in the US and Europe, the FBM KLCI could climb towards its resistance of 1615 points,” it said.