KLCI edges higher in line with firmer regional markets
KUALA LUMPUR (April 11): The FBM KLCI edged higher this morning, in line with firmer regional markets, lifted by gains at key index-linked blue chips.
At 9.05am, the FBM KLCI rose 3.61 points to 1,864.59.
The gainers included KESM Industries Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd, Petronas Gas Bhd, Petron Malaysia Refining & Marketing Bhd, British American Tobacco (M) Bhd, Top Glove Corp Bhd, Globetronics Technology Bhd, Telekom Malaysia Bhd and Bursa Malaysia Bhd.
Asian stocks were firm on Wednesday as investors lapped up the positive mood in markets after China’s President Xi Jinping helped ease fears over a U.S.-China trade row, while the euro hovered near two-week highs, according to Reuters.
In overnight trade, Wall Street rallied strongly, taking the baton from a solid Asian session that was driven by Xi’s speech seen as striking a more conciliatory stance following a week of tit-for-tat tariff threats between Beijing and Washington, it said.
JF Apex Securities Research in a market preview today said US and European markets ended higher following Chinese President Xi Jinping’s statement on further liberalization of the nation’s economy and ease of trade war concerns among investors.
“On the local bourse, the FBM KLCI gained 11.27 points or 0.61% in line with the positive performance of other Asian bourses as investors shrug off concerns of a trade war.
“Following the stellar performance posted by the US and Europe markets, the local benchmark index is expected to test its resistance level of 1880 points,” it said.
Source: The Edge