FBM KLCI ends higher as US-Iran hostility cools down

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KUALA LUMPUR (Jan 9): The FBM KLCI ended up 6.55 points or 0.41% today at 1,595.65 with Asian shares as fears over a further escalation in Iran-US hostility subsided.

Reuters reported that US President Donald Trump responded to an Iranian attack on US forces with sanctions, not violence. It was reported that Iran offered no immediate signal it would retaliate further over a Jan 3 US strike that killed a senior military commander.

In Malaysia today, Rakuten Trade Sdn Bhd research vice president Vincent Lau told theedgemarkets.com the temporary de-escalation in the tension between the US and Iran in the Middle East contributed to more positive investor sentiment.

"The cool-down in US-Iran tensions contributed to today's (KLCI) rise, which was in line with key regional markets," said Lau.

Across Bursa Malaysia, 2.83 billion shares worth RM1.89 billion were traded today. A total of 601 counters gained versus 254 decliners.

Top gainers included Hong Leong Financial Group Bhd and Kuala Lumpur Kepong Bhd. Leading decliners included Petronas Chemicals Bhd and Tomei Consolidated Bhd.

Across Asian stock markets, Japan's Nikkei 225 closed up 2.31% while South Korea's Kospi rose 1.63%.

In China, the Shanghai Stock Exchange Composite closed 0.91% higher while Hong Kong's Hang Seng added 1.68%.