Thursday 28 Mar 2024
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KUALA LUMPUR (June 19): The FBM KLCI rose at mid-morning today but at a quantum which apparently lags behind those in other Asian stock markets amid optimism on a potential US-China trade deal. Asian equities had today tracked US shares' overnight rise on Tuesday after the US indicated it will restart trade talks with China.

Anticipation of US interest rate cuts also supported world stock market sentiment. Lower US interest rates bode well for Asian markets in anticipation that global fund managers will shift their money into higher-yielding Asian assets such as stocks, bonds and currencies.

At Bursa Malaysia today, the KLCI rose 8.97 points or 0.54% to 1,661.73 at 10:40am. Across Asia, Japan's Nikkei 225 climbed 1.66% at the time of writing. South Korea's Kospi added 1% while Hong Kong's Hang Seng was 2.42% higher.

In Malaysia, TA Securities Holdings Bhd wrote in a note today: "The local market should extend range-bound trade with global growth concerns amid the US-China trade standoff and caution ahead of the US central bank policy meeting restricting participation."

Across Bursa today, 869.73 million shares were traded for RM629.13 million at 10:40am.

At 10:59am, the top gainer was Malaysia Airports Holdings Bhd while the most active stock was Iskandar Waterfront City Bhd.

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