KUALA LUMPUR (March 4): The FBM KLCI advanced on Wednesday at the start of the session against the decline in mixed regional markets, supported by stocks linked to Petronas and CIMB Group Holdings Bhd.
At 9:10 am, the FBM KLCI added 1.56 points to 1480.20.
The first winners were Petronas Gas Bhd, Petronas Dagangan Bhd, United Plantations Bhd, Hong Leong Financial Group Bhd, Time Dotcom Bhd, MISC Bhd, Hartalega Holdings Bhd, Apollo Food Holdings Bhd and CIMB.
Bloomberg US stock futures have risen after Joe Biden’s first wins in the Super Tuesday primaries reduced the chances of the appointment of Bernie Sanders, who had disrupted some investors.
The yen fell and Japanese stocks recovered expected losses. Futures on the S&P 500 were up about 0.8% after the index fell nearly 3% following an emergency drop of 50 basis points from the Federal Reserve which n has not allayed fears of an economic slowdown thanks to the coronavirus. Ten-year treasury yields remained below 1% after falling below that level for the first time on Tuesday, he said.
JF Apex Securities Research said that US markets fell overnight despite lowering emergency interest rates by 50 basis points from the Federal Reserve to soften the economic impact of the coronavirus.
He said earlier European stocks had moved higher as the Fed’s rate cut came earlier than its political meeting next month.
“On the local market, the FBM KLCI rose by 11.70 points to 1478.64 points.
“Following mixed performance in the United States and Europe, the FBM KLCI remains uncertain and could hover below the resistance of 1520 points,” said the press release.