KUALA LUMPUR (May 10): The FBM KLCI rose by 0.07% in early morning trade today, staging a quick recovery after dipping by 0.03 point at the opening bell.
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The benchmark index rose by 1.15 points to 1,588.6 points, in line with regional markets this morning.
Pharmaniaga Bhd was the top gainer, jumping 55 sen or 15.8% to RM4.03. Meanwhile, the top loser was Cycle & Carriage Bintang Bhd, which shed 18 sen or 6% to RM2.82.
The most actively traded stock on the bourse was Tanco Holdings Bhd, which was unchanged at 11 sen but saw 41.68 million shares traded.
Rakuten Trade said based on the KLCI’s performance last week, it expects the index to possibly test the 1,590-point threshold again and hover within the 1,590-1,595 range today.
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“Do keep an eye on plantation stocks today as crude palm oil (CPO) prices are looking interesting again with prices now hovering at RM4,800/MT levels,” it added.
Bloomberg reported that Asian stocks and US equity futures gained today after the S&P 500 hit a record following weak jobs data that could lead to further financial stimulus by the US government. Meanwhile, gasoline and crude oil prices rose after the Colonial Pipeline was shut following a ransomware attack.
“Iron ore futures in Singapore surged on strong demand from China. A ‘goldilocks scenario’ seems to be forming for commodities amid the economic recovery from the pandemic, according to Goldman Sachs Group Inc.
“The dollar held losses after tumbling last Friday, while the pound was the top performer among the Group of Ten currencies. Treasury yields edged up to about 1.6%, and traders are bracing for a busy week of auctions,” it reported.-The Edge Market