Thursday 28 Mar 2024
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KUALA LUMPUR (July 26): The FBM KLCI rose in early trade, tracking gains the regional markets following the overnight rally at Wall Street.

At 9.05am, the FBM KLCI added 2.34 points to 1,766.12.

The early gainers included Hong Leong Bank Bhd, Malaysian Pacific Industries Bhd, Hengyuan Refining Company Bhd, MISC Bhd, Malaysia Airports Holdings Bhd, Hong Leong Financial Group Bhd, Oriental Holdings Bhd and Yinson Holdings Bhd.

Asian stocks edged higher on Thursday, taking comfort from gains on Wall Street after U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work toward eliminating trade barriers on industrial goods, according to Reuters.

In a news conference following a meeting between the two leaders on Wednesday, Trump said he and Juncker had agreed to work to lower industrial tariffs on both sides and to increase European imports of liquefied natural gas and soybeans from the United States, among other measures, it said.

JF Apex Securities Research in a market preview said US stocks closed sharply higher on Wednesday after President Donald Trump reportedly obtained concessions from the European Union to avoid a trade war.

It said that earlier, European markets ended lower after announcement of corporate earnings and ahead of US-EU meeting.

“On the local market, the FBM KLCI closed flat at 1763.78 points yesterday, gaining 1.86 points or 0.11%, on buying interest in small cap stocks.

“Following the mixed performance in the US and Europe, the local benchmark index could hover sideways at the range of support level of 1750 points to the resistance level of 1800 points,” it said.

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