FBM KLCI up 10.64 points on positive China-US trade news; MyEG falls

-A +A

KUALA LUMPUR (Dec 12): The FBM KLCI closed up 10.64 points or 0.64% today after the apparent positive development in China-US trade talks led to Asian share gains.

At Bursa Malaysia, the KLCI closed at 1,663.2 at 5pm.

Across Asia, Reuters reported that Asian stock markets rallied on Wednesday as US President Donald trump sounded upbeat about a trade deal with China, while the sterling struggled with the risk of an imminent party coup against British Prime Minister Theresa May. In an interview with Reuters, Trump said talks were taking place with Beijing by phone and he would not raise tariffs on Chinese imports until he was sure about a deal.

In Malaysia, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the local bourse ended trading on a positive note as sentiment turned positive in regional share markets from news on the apparent easing in China-US trade tension.

In China, Hong Kong's Hang Seng gained 1.61% while the Shanghai Stock Exchange Composite climbed 0.31%. Elsewhere across the region, Japan’s Nikkei 225 rose 2.15% while South Korea's Kospi was up 1.44%.

In Malaysia, Wan said: “The positive news on the US-China trade tension should provide a near-term catalyst for the Malaysian stock market."

Across Bursa Malaysia today, share trade volume was 2.07 billion shares valued at RM1.94 billion. Top gainers included KLCI banking stocks Public Bank Bhd and CIMB Group Holdings Bhd.

The most-active stock was My E.G. Services Bhd (MyEG), which saw 231.86 million shares traded. MyEG shares fell 17 sen to close at 84 sen.

MyEG's share trade volume accounted for some 11% of the 2.07 billion shares transacted across Bursa Malaysia.