FBM KLCI up 10.38 points, led by Genting stocks

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KUALA LUMPUR (April 3): The FBM KLCI closed up 10.38 points or 0.64% at 1,643.21, led by gains in Genting stocks and as signs of progress in US-China trade negotiations supported Asian share rise.

The KLCI closed higher as investors snapped up KLCI-linked Genting Bhd and Genting Malaysia Bhd shares and as they bargain hunted for other stocks.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said bargain hunting in KLCI stocks such as Public Bank Bhd also supported the KLCI's rise.

"Small capitalisation stocks are also doing well,” he told theedgemarkets.com.

Investors took cue from news on Genting Bhd and Genting Malaysia, both of which, made announcements to Bursa Malaysia today.

theedgemarkets.com, quoting Genting Bhd, reported today its indirect wholly-owned subsidiaries Resorts World Las Vegas LLC and RWLV Capital Inc had on Tuesday (April 2) priced their US$1 billion (about RM4.079 billion) 4.625% senior notes to finance the construction of the Resorts World Las Vegas casino and integrated resort.

Meanwhile, Genting Malaysia was quoted as saying today the acquisition of the Equanimity superyacht will provide Genting Malaysia with a competitive edge.

Genting Bhd shares closed up 25 sen or 3.73% at RM6.95 while Genting Malaysia rose 11 sen or 3.47% to RM3.28. Genting Bhd and Genting Malaysia were top gainers in percentage terms among the 30 KLCI stocks.

Public Bank shares closed up 30 sen at RM23 on bargain hunting following the stock's recent decline after Bank Negara Malaysia said growth in outstanding loans moderated to 5% in February from January's 5.5% expansion.

Today, Asian equities rose amid signs of progress in US-China trade negotiations.

In China, Hong Kong's Hang Seng closed up 1.22% while the Shanghai Stock Exchange Composite climbed 1.24%. Elsewhere, Japan’s Nikkei 225 rose 0.97% while South Korea's Kospi added 1.2%.

Reuters reported that world stocks rallied to six-month highs on Wednesday as investors cheered signs of progress in US-China trade talks and reassuring economic data, helping push Germany's 10-year bond yield back up to zero percent.

It was reported that signs of progress in US-China trade talks and decent factory activity data from China and the United States in recent days has lifted investor sentiment and taken the edge off world recession fears. It was reported that hopes for a deal to end the trade war between the world's two largest economies were fanned by fresh comments from White House economic adviser Larry Kudlow that Washington expects "to make more headway" in talks this week.