Market expected to have some upward bias (ext: Edge)

KUALA LUMPUR: The local stock market is expected to have some upward bias but trade could be relatively thin on Monday, Sept 7 as investors are on holiday in several states including Selangor for the Nuzul Al-Quran.

However, external factors which could provide the boost are the stronger close on Wall Street last Friday, Sept 4 and key regional markets including China. The US market will be closed on Sept 7 for a public holiday.

According to Reuters,  US stocks closed higher on Friday as investors focused on the bright side of a mixed payrolls report that showed smaller-than-expected job cuts in August, although the unemployment rate hit a 26-year high, according to Reuters.

While the unemployment rate was a little worse than expected, analysts said non-farm payrolls came out better than forecast.

The Dow Jones industrial average rose 1.03% to end at 9,441.27. The Standard & Poor's 500 Index gained 1.31% to 1,016.40. The Nasdaq Composite Index added 1.79%, to close at 2,018.78.