KUALA LUMPUR: The FBM KLCI extended its gains on Tuesday, July 27 in line with key regional markets after an upbeat outlook from FedEx, coupled with encouraging home sales, lifted US stocks on Monday, keeping the S&P 500 above 1,100 for a second day and suggesting the rally could last.

Reuters said a surprising 23.6% jump in new home sales in June from May countered some disappointing data in recent weeks that had increased concerns the economy may slip back into recession.

The Dow Jones Industrial Average gained 100.81 points, or 0.97%, to 10,525.43. The Standard & Poor's 500 Index rose 12.35 points, or 1.12%, to 1,115.01. The Nasdaq Composite Index advanced 26.96 points, or 1.19%, to close at 2,296.43.

On Bursa Malaysia, the FBM KLCI rose 1.92 points to 1,353.74 at 9.10am. Gainers led losers by 124 to 36, while 113 counters traded unchanged. Volume was 39.98 million shares valued at RM28.52 million.

Among the early gainers were BAT which added 18 sen to RM43.78. QSR was up 10 sen to RM4.50, KKB Engineering rose nine sen to RM2.05 while Genting Plantations, Keck Seng and SEG were up seven sen each to RM7.15, RM5.79 and RM2.27 respectively.

Meanwhile, BHIC and HELP added six sen each to RM4.32 and RM4.12, and Pharmaniaga up five sen to RM5.55.