FBM KLCI rebounds as global trade war fears ebb

FBM KLCI rebounds as global trade war fears ebb
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KUALA LUMPUR (April 5): The FBM KLCI closed 20.19 points or 1.11% higher as fears of a global trade war eased. China-US trade spat concerns ebbed on news the US expressed willingness to negotiate a resolution with China.

Reuters reported Asian shares bounced from two-month lows on Thursday as world equities recovered from a selloff triggered by escalating Sino-US trade tensions, with investors hoping a full-blown trade war between the world’s two biggest economies can be averted.

At Bursa Malaysia, the KLCI closed at 1,836.13. The 30-stock index rebounded today after falling 34.84 points or 1.88% yesterday.  

Today, the KLCI's top gainer, in percentage terms, was Genting Malaysia Bhd followed by YTL Corp Bhd.

Genting Malaysia closed 30 sen or 6.54% higher at RM4.89 while YTL Corp rose eight sen or 6.11% to RM1.39.

Rakuten Trade Sdn Bhd vice president Vincent Lau told theedgemarkets.com that the Malaysian share market took the cue from a stronger performance across Asian shares today following US equities' overnight rise.

Across Asia today, Japan's Nikkei 225 rose 1.53% while South Korea's Kospi was up 1.22%.

Hong Kong and Mainland China markets were closed today for the Tomb Sweeping Day or Ching Ming Festival holiday. Mainland China markets will remain closed tomorrow (April 6) for the festival.

In Malaysia today, Lau said: “Overall, I think it’s still positive. But, everyone is still speculating if the (Malaysian) Parliament will be dissolved tomorrow. All eyes will be on the upcoming 14th general election.”