FBM KLCI posts first gain after three sessions of decline

FBM KLCI posts first gain after three sessions of decline
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KUALA LUMPUR (May 27): The FBM KLCI closed up 3.03 points or 0.19% today on bargain hunting amid a volatile market as persistent US-China trade war concerns led to a lack of clarity on global economic growth prospects.

Analysts said such sentiment appeared to have sidelined investors as share trade volume and value across Bursa Malaysia ended lower. At 5pm, the KLCI closed at 1,601.35 points, for its first gain after three sessions of decline during holiday-shortened trading last week.

Today, the KLCI closed up on bargain hunting after falling to its intraday low at 1,597.25.

Across Bursa Malaysia, 1.6 billion shares worth RM1.29 billion were traded today. On Friday, trade volume stood at 1.89 billion shares worth RM1.55 billion.

Today, Public Investment Bank Bhd research head Ching Weng Jin said: "There is still a lack of clarity over global growth prospects as well as the situation with the US-China trade war.

“The US has been saying that it is close to a deal but there needs to be a resolution to the dispute as investors are staying away as they do not know what to expect going forward.”

At Bursa Malaysia, top gainers included Ajinomoto (M) Bhd and KLCI stocks Public Bank Bhd and Sime Darby Plantation Bhd. The most-actively traded stock was Bumi Armada Bhd.

Across Asia, Reuters reported that Asia stocks inched up but remained near four-month lows on Monday amid concerns about US-China tensions while the euro stayed in a narrow range after the weekend's European Parliament elections.

It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, off a four-month low touched on Friday, with market holidays in the US and UK denting trading volumes.