KLCI surges 10.29 points on TM spike as US stock futures rise

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KUALA LUMPUR (April 16): The FBM KLCI rose 10.29 points or 0.6% to its intraday high, lifted mainly by Telekom Malaysia Bhd's 11th-hour share price spike and as US stock futures traded higher.

Reuters reported that US stock futures firmed and oil fell on Monday as investors wagered the latest US-led strike on Syria would not escalate into a wider conflict, though Asian markets turned mixed as selling in bank shares slugged Chinese indexes.

"(US President Donald) Trump was able to enforce his chemical weapons red line without crossing the threshold for Russian retaliation," Reuters quoted analysts at JPMorgan as saying in a note. "Stocks were concerned about a prolonged and expanded US campaign towards Syrian President Bashar al-Assad and that doesn't look probable," the analysts said.

At Bursa Malaysia, the KLCI closed at 1,878.76 at 5pm while Telekom Malaysia added 21 sen to RM5.63 among Bursa Malaysia top gainers. Among US stock futures, the Dow Jones mini Futures climbed 151 points or 0.62% to 24,487 at 5:39pm.

In Malaysia, Malacca Securities Sdn Bhd senior analyst Kenneth Leong said "the index (KLCI) was lifted at the eleventh hour, with notable gains in Genting Malaysia Bhd, Telekom Malaysia and Petronas Dagangan Bhd."

Petronas Dagangan shares rose 60 sen to close at RM26.08 while Genting Malaysia was 22 sen higher at RM5.30.