KLCI adds 0.69%, tracks regional gains

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KUALA LUMPUR (Dec 3): The FBM KLCI added 0.69% at mid-morning today, tracking gains at regional markets.

At 10am, the FBM KLCI rose 11.76 points to 1,691.62.

Gainers led losers by 372 to 202, while 202 counters traded unchanged. Volume was 618.98 million shares valeud at RM416.00 milliom.

The gainers included United Plantations Bhd, Malaysian Pacific Industries Bhd, Aeon Credit Service (M) Bhd, Hong Leong Financial Group Bhd, UMW Holdings Bhd, KESM Industries Bhd, Yinson Holdings Bhd, Axiata Group Bhd, Kuala Lumpur Kepong Bhd and Petronas Gas Bhd.

The actives included Bumi Armada Bhd, Genting Malaysia Bhd, Priceworth International Bhd, Jaks Resources Bhd, My EG Services Bhd, Hubline Bhd, Hibiscus Petroleum Bhd and Permaju Industries Bhd.

The decliners included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd, PPB Group Bhd and Padini Holdings Bhd.

Asian shares looked set to rally on Monday after U.S. and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets, according to Reuters.

Trade-exposed currencies led the early gains, with the Australian dollar notching a four-month peak, while the dollar slipped against the yuan, it said.

Hong Leong IB Research in a traders’ brief said in the US, buying interest is likely to emerge at least for the near term following the positive tone on trade deals over the weekend.

“However, there is a 90-day window for the US and Chinese to continue on the negotiations regarding the disagreements on technology transfer, intellectual property and agriculture.

“On the local front, stocks may turn slightly positive in view of the positive trade developments between the US and China as President Trump will remain the tariffs at 10% for the USD200bn products.

“Hence, we opine that traders will be able to capture a good trading opportunity today on recent bashed down stocks amid the slightly positive environment,” it said.