KLCI up on bargain hunting amid US, China cues

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KUALA LUMPUR (March 8): The FBM KLCI climbed 1.72 points or 0.1% on bargain hunting and as Asian shares rose. Global shares rose as world trade war concerns ebbed after the US said its planned import tariffs on steel and aluminium imports could exclude Canada, Mexico and other countries.

Global investors also digested China's February exports growth numbers. Reuters reported that China's February exports rose 44.5 percent from a year earlier, far more than analysts' median forecast for a 13.6 percent increase and January's 11.1 percent gain, official data showed on Thursday.

At Bursa Malaysia, the KLCI closed at 1,839.62. Investors bargain hunted for Malaysian shares today after the KLCI dipped 10.47 points yesterday.

Today, Rakuten Trade head of research Kenny Yee told theedgemarkets.com : “There is no outright catalyst. [Investors] are buying on weakness, there is some accumulation after the recent decline.”

Elsewhere, Japan's Nikkei 225 rose 0.54% while South Korea's Kospi added 1.3%. In China, Hong Kong's Hang Seng rose 1.52%, while the Shanghai Stock Exchange Composite climbed 0.51%.

Reuters reported that Asian shares found relief on Thursday as fears about a global trade war amid US President Donald Trump's push to introduce protectionist tariffs were tempered by signs the move could include exemptions for key partners.

Hong Kong's Hang Seng led Asian share gains after China posted surprisingly strong trade data for the first two months of the year.