KLCI gains 0.88% to over 1,700pts; George Kent hits limit up

KLCI gains 0.88% to over 1,700pts; George Kent hits limit up
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KUALA LUMPUR (July 12): The FBM KLCI gained 14.8 points or 0.88% as Asian share markets recovered from previous session's losses as US-China trade war fears linger.

At Bursa Malaysia, the KLCI closed at 1,703.57 points after reaching its intraday high at 1,704.87 points. In China, the Shanghai Stock Exchange Composite rose 2.16% while Hong Kong's Hang Seng gained 0.6%. Elsewhere, Japan's Nikkei 225 climbed 1.17%.

Reuters reported that stocks and commodities recovered slightly on Thursday as markets tried to consolidate from the previous session's steep losses when fears of an escalation in the US-China trade war jolted investor sentiment.

In Malaysia, Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com that "a lot of the concerns on the trade tension between the US and China have been priced into the market".

Across Bursa Malaysia, top gainers included Malayan Banking Bhd, George Kent (M) Bhd and CIMB Group Holdings Bhd. The most-active stock was Malaysian Resources Corp Bhd (MRCB).

George Kent hit limit up after rising 30 sen to close at RM1.29 after Finance Minister Lim Guan Eng said in a statement today the Malaysian Cabinet has approved the continuation of the planned Light Rail Transit Line 3 (LRT3) project at a final cost of RM16.63 billion.

"The final total cost of the LRT3 project is reduced by 47% from RM31.65 billion to RM16.63 billion, saving Malaysians a total of RM15.02 billion," Lim said. According to LRT3's website, MRCB George Kent Sdn Bhd is the project delivery partner for the project.

MRCB George Kent is a joint venture company between MRCB and George Kent, according to LRT3's website. At Bursa Malaysia, MRCB rose 16 sen to close at 74 sen with some 200 million units traded.