KUALA LUMPUR (May 31): The FBM KLCI rose 0.37% in early trade this morning, lifted by gains including at Tenaga Nasional Bhd and Petronas Dagangan Bhd, bucking the trend at regional markets.
At 9.10am, the FBM KLCI rose 6.09 points to 1,642.59.
The gainers included Tenaga Nasional, Petronas Dagangan, DRB-Hicom Bhd, Hong Leong Bank Bhd, Can-One Bhd, Nestle (M) Bhd, Bursa Malaysia Bhd, DiGi.Com Bhd, Sunsuria Bhd and Sime Darby Plantation Bhd.
Asian shares extended a month-long slide and sovereign bonds surged on Friday after U.S. President Donald Trump ramped up trade tensions globally by suddenly slapping tariffs on all goods from Mexico, sending the peso tumbling, according to Reuters.
Washington will impose a 5% tariff from June 10, which would then rise steadily to 25% until illegal immigration across the southern border was stopped, it said.
CIMB Retail Research said Although stocks in Asia mostly declined yesterday, the benchmark FBMKLCI closed 12.83 points or 0.79% higher, driven by gains in Petronas-linked stocks and Telco sector.
“The index is likely to continue its upward trajectory today, with an immediate resistance seen at 1,644.
“However, any upsides could be capped as the tit-for-tat US-China trade war; weak Ringgit against the greenback and also the upcoming mid-week break for Hari Raya may keep investors off risky bets.
“Resistance: 1,644 & 1,657. Support: 1,610 & 1,590,” it said.