Friday 29 Mar 2024
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KUALA LUMPUR (Dec 3): The FBM KLCI kicked off December on a positive note and rsoe 0.39% in early trade.

At 9.05am, the FBM KLCI gained 6.74 points to 1,686.60.

The early gainers included Malaysian Pacific Industries Bhd, Hong Leong Bank Bhd, Petronas Gas Bhd, KEM Industries Bhd, Muhibbah Engineering (M) Bhd, Top Glove Corp Bhd, Supermax Corp Bhd, Serba Dinamik Holdings Bhd, Axiata Group Bhd and Hong Leong Industries Bhd.

Asian shares looked set to rally on Monday after U.S. and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets, according to Reuters.

Trade-exposed currencies led the early gains, with the Australian dollar notching a four-month peak, while the dollar slipped against the yuan, it said.

Hong Leong IB Research in a traders’ brief said in the US, buying interest is likely to emerge at least for the near term following the positive tone on trade deals over the weekend.

“However, there is a 90-day window for the US and Chinese to continue on the negotiations regarding the disagreements on technology transfer, intellectual property and agriculture.

“On the local front, stocks may turn slightly positive in view of the positive trade developments between the US and China as President Trump will remain the tariffs at 10% for the USD200bn products.

“Hence, we opine that traders will be able to capture a good trading opportunity today on recent bashed down stocks amid the slightly positive environment,” it said.

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