KUALA LUMPUR (April 10): The FBM KLCI rose 0.16% at midday break today, in line with the bounce at most regional markets as China’s president softened the economic giant’s stance on the ongoing trade conflict with the U.S.

At 12.30pm, the FBM KLCI gained 2.97 points to 1,852.68. The index had earlier slipped to its intra-morning low of 1,846.78.

Gainers led losers by 494 to 151, while 527 counters traded unchanged. Volume was 1.77 billion shares, valued at RM991.21 million.

The top gainers included KESM Industries Bhd, Press Metal Aluminium Holdings Bhd, Ann Joo Resources Bhd, Bursa Malaysia Bhd, KLCC Property Holdings Bhd, Lotte Chemical Titan Holding Bhd, ViTrox Corp Bhd and Globetronics Technology Bhd.

The actives included SKH Consortium Bhd, Sino Hua-An International Bhd, Sapura Energy Bhd, Sumatec Resources Bhd, Priceworth International Bhd, UMW Oil & Gas Corp Bhd and PUC Bhd.

The losers included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Hengyuan Refining Company Bhd, DKSH Holdings (M) Bhd and Petron Malaysia Refining & Marketing Bhd.

U.S stock futures rallied, while Asian shares bounced and the safe haven yen fell on Tuesday, as Chinese President Xi Jinping promised to lower import tariffs on products, including cars this year, helping soothe investor jitters over an escalating U.S.-China trade row, according to Reuters.

Xi, speaking at the Boao Forum for Asia in Hainan province, said China will take measures to sharply widen market access for foreign investors, raise the foreign ownership limit in the automobile sector and protect intellectual property of foreign firms, Reuters said.

CIMB Retail Research said regional markets seemed to have shrugged off Friday’s fall on Wall Street and the local benchmark FBM KLCI also tagged along.

“A lot of participants were expecting a market selloff following the dissolution of Parliament over the weekend, but the bulls managed to lift the overall market.

“We are of the view that yesterday’s move up is likely just a relief rebound, as a pullback following the triangle breakdown is not unusual. Thus, traders may choose to sell into rallies.

“The local market will be keeping an eye on the announcement of the polling and nomination dates for GE14. Resistance: 1,860 & 1,880. Supports: 1,840 & 1,815,” the research house said.