KUALA LUMPUR (Oct 6): The FBM KLCI rose 14.92 points or 0.91% on overnight US share gains and after Malaysia said it would table the Trans-Pacific Partnership (TPP) proposal in Parliament.
The TPP, which involves 12 countries, is a trade liberalisation programme led by the US. Malaysia's International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the country had not signed the TPP deal yet as the proposal would have to be tabled in Parliament first.
Malaysia's KLCI closed at 1,662.51 at 5pm. The index extended gains after rising 18.79 points or 1.15% yesterday.
"Today, the KLCI rose on overnight US share gains and the TPP," Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com.
JF Apex Securities research head Lee Chung Cheng said the KLCI rose on the back of a surge in US markets.
Lee said US shares rose after weaker job data there prompted speculation that the Federal Reserve would postpone its interest rate hike to next year.
"The TPPA had also played a role in the KLCI's gains. If you look at the morning session, export-oriented shares rose," he said.
Bursa Malaysia saw 2.13 billion shares worth RM2.12 billion traded. Gainers beat decliners at 495 against 363 counters while 309 counters remained unchanged.
Major gainers included British American Tobacco (M) Bhd and Nestle (M) Bhd. Top decliners included SCC Holdings Bhd and Y&G Corp Bhd.
The most-active stock was XOX Bhd.
Across Asian share markets, Japan's Nikkei 225 rose 1% while South Korea's Kospi climbed 0.63%. Hong Kong's Hang Seng fell 0.1%.
Reuters reported that Asian markets had been lifted to a two-week high by what looks to be the most generous Trans-Pacific trade deal in a generation but the momentum failed to reach Europe's main bourses.
It was reported that Southeast Asian stock markets rose in line with others in Asia on Tuesday, with the Indonesian benchmark touching a five-week high amid a rise in the rupiah and foreign inflows, while stocks in Malaysia and Vietnam gained after the Pacific trade deal.
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