FBM KLCI up with Asian shares as trade war fears ease

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KUALA LUMPUR (March 27): The FBM KLCI closed 2.54 points or 0.1% higher with Asian shares on positive market sentiment following news that a China-US trade war is unlikely.

Reuters reported that Asian share markets sprang higher on Tuesday as reports of behind-the-scenes talks between the US and China rekindled hopes that a damaging trade war could be averted. Reuters, quoting
a person familiar with the discussions, reported that White House officials are asking China to cut tariffs on imported cars, allow foreign majority ownership of financial services firms and buy more US-made semiconductors

It was also reported that Chinese Premier Li Keqiang on Monday pledged to maintain trade negotiations and ease access to American businesses.

At Bursa Malaysia today, the KLCI closed at 1,862.45 at 5pm after trading between 1,861.56 and 1,867.11.

Across Asia, Japan's Nikkei 225 gained 2.65%, South Korea's Kospi rose 0.61% while Hong Kong’s Hang Seng was up 0.79%.

In Malaysia, Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com: “I see a selected mix of heavyweight stocks [lifting the index] along with the regional peers.”

A glance across Bursa Malaysia's website showed top gainers included KLCI-linked stocks like Nestle (M) Bhd, PPB Group Bhd and Petronas Chemicals Group Bhd.

Other notable gainers included rubber glove manufacturers Top Glove Corp Bhd and Kossan Rubber Industries Bhd.