KLCI poised to breach 1,700 psychological level

​The FBM KLCI is poised to breach the 1,700-point psychological level in line with the gains at most regional markets.

At 9.01am, the FBM KLCI rose 2.60 points to 1,699.14.

The top gainers in eartly trade included Petronas Dagangan Bhd, Genting Plantations Bhd, Can-One Bhd, British American Tobacco (M) Bhd, Lafarge Malaysia Bhd, KLCC Property Holdings Bhd, Telekom Malaysia Bhd, Westports Holdings Bhd and UMW Holdings Bhd.

Asian shares started the week higher today, buoyed by gains on Wall Street, firmer crude prices and glimmers of strength in weekend data from China, according to Reuters.

The S&P 500 ended at its highest level of the year on Friday as oil prices climbed further and investors reassessed stimulus steps taken by the European Central Bank last week, it said.

JF Apex Securities Research in a market preview today said US markets rallied over 1% on Friday after higher oil prices and European Central Bank (ECB)'s announcement on stimulus.

It said that similarly, European stocks jumped after on oil price's rally and easing measures by ECB.

“On the local market, the FBM KLCI gained 5.63 points to 1696.54 points.

“Following the bullish performance in the US and Europe, the FBM KLCI is expected to test its resistance at 1710 points,” it said. – The Edge Markets, March 14, 2016.


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