KLCI up as investors await news on Mahathir's China visit

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KUALA LUMPUR (April 26): The FBM KLCI closed up 2.7 points or 0.17% at 1,638.38 after erasing losses in the final trading hour mainly on spikes in share prices of Sime Darby Plantation Bhd and RHB Bank Bhd.

A glance across Bursa Malaysia showed that local shares also took cue from newsflow on Prime Minister Tun Dr Mahathir Mohamad's five-day working visit to China from Wednesday till Sunday (April 24 to April 28). One such stock was G3 Global Bhd.

Areca Capital Sdn Bhd chief executive officer Danny Wong said "investors are still waiting for newsflow from Dr Mahathir's official visit to China."

At 5pm, the KLCI erased losses after falling to its intraday low at 1,632.58.

Sime Darby Plantation closed up three sen at RM5.12 while RHB added 11 sen to RM5.91.

G3 Global ended up 23 sen at RM1.62, helped by news on Dr Mahathir's visit today to SenseTime Group Ltd's office in Beijing, where he gained first-hand experience of the company's latest artificial intelligence (AI) technologies.

theedgemarkets.com reported that Dr Mahathir had during the visit witnessed the Memorandum of Understanding signing ceremomy involving SenseTime, G3 Global and China Harbour Engineering Co Ltd to establish an AI park in Malaysia.

At Bursa Malaysia, 2.85 billion shares were traded for RM2.07 billion. Top gainers included G3 Global and RHB.

According to Wong, volume across Bursa Malaysia had normalised today after several days of heavy trading. Yesterday, 3.77 billion shares were crossed for RM2.54 billion.