KUALA LUMPUR (May 21): The FBM KLCI gained 0.24% at mid-morning today in line with regional advance, lifted by select blue chips including Public Bank Bhd.
At 10am, the FBM KLCI rose 4.44 points to 1,858.94.
Gainers led losers by 369 to 246, while 236 counters traded unchanged. Volume was 679.08 million shares valued at RM407.11 million.
The gainers included Nestle (M) Bhd, KEM Industries Bhd, Public Bank Bhd, Kuala Lumpur Kepong Bhd, Dutch Lady Milk Industries Bhd, Carlsberg Brewery Malaysia Bhd, Petron Malaysia Refining & Marketing Bhd, Allianz Malaysia Bhd and ViTrox Corp Bhd.
The actives included My E.G. Services Bhd, Sapura Energy Bhd, Sumatec Resources Bhd, GSB Group Bhd, Hibiscus Petroleum Bhd, G Neptune Bhd and WCT Holdings Bhd.
The decliners included Cahya Mata Sarawak Bhd, Mulpha International Bhd, Ajinomoto (M) Bhd, Genting Plantations Bhd, Tenaga Nasional Bhd, Hong Leong Bank Bhd, Press Metal Aluminium Holdings Bhd and PRG Holdings Bhd.
U.S. stock futures jumped on Monday as U.S. Treasury Secretary Steven Mnuchin said the U.S. trade war with China is "on hold" after the world's two largest economic powers agreed to drop their tariff threats while they work on a wider trade agreement, according to Reuters.
S&P mini futures rose 0.6 percent in early Asian trade on Monday while U.S. 10-year Treasuries futures price fell 4.5/32, or 0.12 percent, it said.
Hong Leong IB Research in a traders’ brief said as the two world’s biggest economies have made positive progress on the trade war throughout the discussions last week.
“Beijing agreed in a joint statement with the US to “substantially reduce” Americas trade deficit with China, we think the sentiment may steady up and buying interest could pick up over the near term.
“The FBM KLCI has turned mildly lower last week and we anticipate that the market sentiment should stay soft ahead of the review of the construction mega projects and toll concessions, which may send cautious tone to the markets. Hence, the key index may extend the consolidation phase,” it said.