KLCI snaps losing streak, up 0.52% in line with region

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KUALA LUMPUR (Dec 12): The FBM KLCI snapped its losing streak and rose 0.52% at mid-morning today, tracking regional markets.

At 10am, the FBM KLCI rose 8.68 points to 1,661.31.

Gainers led losers by 270 to 184, while 209 counters traded unchanged. Volume was 531.31 million shares valued at RM313.77 million.

The gainers included United Plantations Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, Public Bank Bhd, British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Bintulu Port Holdings Bhd, Top Glove Corp Bhd and CIMB Group Holdings Bhd.

The actives included My EG Services Bhd, Vortex Consolidated Bhd, Hubline Bhd, Jaks Resources Bhd, Bumi Armada Bhd, Permaju Industries Bhd and Priceworth International Bhd.

The losers included Nestle (M) Bhd, KESM Industries Bhd, Hartalega Holdings Bhd and Batu Kawan Bhd.

Asian stock markets edged ahead on Wednesday as US President Donald Trump sounded upbeat about a trade deal with China, while sterling struggled with talk of an imminent party coup against British Prime Minister Theresa May, according to Reuters.

In an interview with Reuters, Trump said talks were taking place with Beijing by phone and he would not raise tariffs on Chinese imports until he was sure about a deal.

Hong Leong IB Research in a traders' brief said despite China agreeing on the reduction of auto tariffs, it remains unknown of when the change would goes into effect.

"Hence, the volatile movement may persist amid the ongoing trade tensions between the US and China. Also, with President Trump threatened to shut down government if Congress doesn't fund his proposed Mexico wall would pose further knee jerk reaction towards stock markets.

"On the local bourse, we expect the bearish tone may extend this week as news headlines are still in the negative mood.

"Hence the downside risk outweighs the upside reward at this juncture. With that, traders may look out for opportunities within the defensive stocks with high potential dividend yield to be paid out in the future," it said.