FBM KLCI follows regional markets higher after US tech rally: The Star Online

The FBM KLCI, Malaysia’s benchmark stock index, followed regional markets higher on Monday, propelled by a strong rally in US technology stocks. The index closed 0.7% higher at 1,600.11 points, marking its third consecutive day of gains.

Investors were buoyed by a surge in US tech stocks, with the Nasdaq Composite index hitting a record high on Friday. This positive sentiment spilled over into Asian markets, driving gains in major indices such as Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index.

Tech giants such as Apple, Amazon, and Microsoft led the charge in the US market, with investors betting on strong earnings reports in the upcoming quarterly results. This optimism translated into gains for tech-related stocks in Malaysia, with companies such as Top Glove and Hartalega Holdings seeing significant increases in their share prices.

Analysts are optimistic about the outlook for Malaysian stocks, citing improving economic conditions and strong corporate earnings as catalysts for further gains. However, they cautioned that ongoing uncertainties such as the global semiconductor shortage and geopolitical tensions could pose risks to the market’s upward trajectory.

Overall, investors are optimistic about the future of the FBM KLCI, as it continues to track regional markets higher and ride the momentum from the US tech rally.