KUALA LUMPUR (Nov 15): The FBM KLCI crossed the 1,690-threshold at midday break today, tracking gains at most regional markets, encouraged by positive news China has responded to U.S. trade demands.

At 12.30pm, the FBM KLCI reversed its earlier losses and rose 5.14 points to 1,693.55.

Gainers led losers by 295 to 203, while 487 counters traded unchanged. Volume was 993.03 million shares, valued at RM771.54 million.

Top gainers included Scientex Bhd, Petron Malaysia Refining & Marketing Bhd, YNH Property Bhd, Hong Leong Financial Group Bhd, Mi Equipment Holdings Bhd, Pentamaster Corp Bhd, Hap Seng Consolidated Bhd and Matrix Concepts Bhd.

Actives included Seacera Group Bhd, Permaju Industries Bhd, Hibiscus Petroleum Bhd, PUC Bhd, Tiger Synergy Bhd, Securemetric Bhd, Sanbumi Holdings Bhd and Sapura Energy Bhd.

Losers included Fraser & Neave Holdings Bhd, Batu Kawan Bhd, Daibochi Bhd, Enra Group Bhd, Tenaga Nasional Bhd, Nestle (M) Bhd, MSM Malaysia Holdings Bhd and Heineken Malaysia Bhd.

Asian stocks rose on Thursday, taking heart from a bounce in Chinese shares, on news China has delivered a written response to U.S. trade demands, while oil prices resumed their retreat on fears of oversupply, according to Reuters.

U.S. government sources told Reuters on Wednesday that China had sent a response to U.S. demands for trade reform but gave no further details, raising hopes the two sides could resume negotiations to end their trade war, it said.

Affin Hwang Capital Research said the FBM KLCI Index fell as much as 10 points to session lows of 1678.82, before clawing back losses, closing flat (+0.84 points) at 1688.41.

It said the index is finding support at current levels, as the selling pressure is seen to be slowing down.

“A short-term bullish pin bar (“candlestick pattern”) has also formed on the daily chart, which is a positive sign.

“Nonetheless, anticipate downward bias to persist as global markets continue to struggle, sentiments remain dampened,” the research house said.