Market Open KLCI looks poised to breach 1,700-point level

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KLCI looks poised to breach 1,700-point level

By Surin Murugiah / theedgemarkets.com   | March 7, 2016 : 9:17 AM MYT

KUALA LUMPUR (March 7): The FBM KLCI opened higher today and looked poised to cross the psychologically crucial 1,700-point level.
At 9am, the FBM KLCI rose 3.89 points to 1,696.38.
The top gainers included Apex Healthcare Bhd, Genting Plantations Bhd, Public Bank Bhd, Malayan Banking Bhd, UEM Edgenta Bhd, Malaysia Airports Holdings Bhd, Southern Acids Bhd, SapuraKencana Petroleum Bhd and QL Resources Bhd.
Asian shares hit two-month highs on Monday, extending their sharp gains in the previous four sessions, following upbeat US jobs data and rebound in oil commodity prices, according to Reuters.
Investors also look to Chinese markets' reaction to Beijing's new economic plans, which include a cut in the economic growth target to a range of 6.5%, and a moderate increase in the fiscal deficit to 3% of gross domestic product, it said.
JF Apex Securities Research in a market preview today said US markets climbed on Friday following higher oil prices and favourable jobs data.
It said that similarly, European stocks gained after the rally in mining counters, better-than-expected US employment data and rebound in oil prices.
"On the local market, the FBM KLCI gained 4.29 points to 1,692.49 points.
"Following the optimism in the US, the FBM KLCI is expected to test the psychological level of 1,700 points," it said.