KLCI rises 0.77% as banks, select blue chips lift

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KUALA LUMPUR (Sept 12): The FBM KLCI rose 0.77% in early trade, lifted by index-linked banking stocks as well other select blue chips.

At 9.10am, the FBM KLCI rose 14.02 points to 1,813.19.

The top gainers included Fraser & Neave Holdings Bhd, Petronas Gas Bhd, Public Bank Bhd, Petronas Chemicals Group Bhd, Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, RHB Bank Bhd and Muhibbah Engineering (M) Bhd.

Asian stocks were pinned near 14-month lows on Wednesday, as investor confidence was chilled by the latest round of verbal threats in an intensifying U.S.-China trade conflict, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.05 percent, hovering near its lowest levels plumbed since July 2017 on Monday, it said.

JF Apex Securities Research in a market preview said US markets rose overnight as a rebound in technology counters overcame concerns over global trade.

It said that earlier, European stocks declined slightly due to ongoing fears of a trade war between the US and China.

“On the local market, the FBM KLCI added 0.60 points to 1799.17 points after recovering from intraday losses.

“Following the mixed performance in the US and Europe, the FBM KLCI could hover sideways around the 1800-point level,” it said.