KUALA LUMPUR (Feb 21): The FBM KLCI closed 4.5 points or 0.26% higher today at its intraday high on bargain hunting and amid apparent signs of progress in China-US trade talks.
At 5pm, the KLCI closed at 1,730.68 after trading mostly in the red throughout the day. The KLCI closed higher on bargain hunting after falling to its intraday low at 1,719.67.
Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com that buyers were seen coming in again today when trading resumed after Bursa Malaysia's afternoon break.
“I (will) give it another day for the positive trend to continue,” said Low, noting that the positive sentiment among investors will, however, depend on the outcome of Malaysia's current corporate financial reporting season.
Across Bursa Malaysia today, 3.71 billion shares worth RM3 billion were traded.
KLCI stocks Nestle (M) Bhd and Hong Leong Financial Group Bhd (HLFG) closed among Bursa Malaysia top gainers.
At a glance, the KLCI had earlier today erased losses in the final trading hour to close higher after an 11th-hour spike in the share prices of Nestle and HLFG. Nestle ended up 40 sen at RM150.40 while HLFG added 30 sen to a record close at RM20.12.
Global share markets took cue from apparent signs of progress in China-US trade talks. Reuters reported that Asian shares pulled ahead to fresh 4½-month highs and US equity futures rose after a Reuters report, quoting sources familiar with China-US trade negotiations, indicated that the US and China have started to tackle the stickiest issues in their trade war.
It was reported that investors have been cheered over recent days by signs of progress in Sino-US trade talks after the trade war between the economic giants roiled financial markets over the past year. It was reported that the US and China have started to outline commitments in principle on the most contentious issues in their trade dispute, marking the most significant progress yet toward ending a seven-month trade war.