KLCI recovers in line with regional markets, edges higher

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KUALA LUMPUR (March 8): The FBM KLCI recovered in early trade this morning and trended higher in line with the gains at most regional markets.

At 9.05am, the FBM KLCI rose 1.20 points to 1,839.10.

The gainers included MISC Bhd, LPI Capital Bhd, BIMB Holdings Bhd, Public Bank Bhd, Heineken Malaysia Bhd, Sarawak Consolidated Industries Bhd, Maxis Bhd, GHL Systems Bhd and Pentamaster Corp Bhd.

Asian shares found relief on Thursday as fears about a global trade war amid U.S. President Donald Trump's push to introduce protectionist tariffs were tempered by signs the move could include carve-outs for key partners, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, led by gains in South Korean shares, which also benefited from signs of easing tensions between the two Koreas. Japan's Nikkei gained one percent, it said.

JF Apex Securities Research in a market preview said US markets ended lower but came off intra-day lows after Mexico and Canada could receive potential exemption from Trump's proposed trade tariffs.

It said that earlier, European stocks advanced after the EU proposed their own tariffs on US goods.

“On the local market, the FBM KLCI plunged 10.47 points to 1837.90 points.

“Following the uncertain market condition in the US and Europe, the FBM KLCI could remain pressured with support at 1800 points,” it said.