KUALA LUMPUR: Optimism over a possible resolution to the trade conflict kept the momentum going in Asian markets.
Investors were relieved by news overnight that Beijing had agreed to certain demands by the US to open up its economy with the latter promising to alleviate tariffs on Chinese imports.
In the wider region, Shanghai's Composite Index rose 1.6%, Hong Kong's Hang Seng surged 2.5%. South Korea's Kospi jumped 2% and Japan's Nikkei climbed 1.4%.
Bursa Malaysia was likewise boosted by the improved sentiment with the number of advancing equities coming to 2.5 times the number of declines. Some 286 counters were unchanged.
At 12.30pm, the FBM KLCI was 7.1 points higher to 1,679.86. Trading volume was 1.78 billion shares valued at RM1.14.
Tenaga Nasional received the most buying interest on the 30-stock index as it was buoyed by improved sentiment over the economy as well as news that the high-speed broadband trial in Jasin, Melaka, had kicked off. The utility company jumped 36 sen to RM14.
Telco Axiata was also making headway, growing 10 sen to RM4.01, while Digi added three sen to RM4.47 and Maxis was unchanged at RM5.64.
Other stocks on the rise were Sime Darby Plantation
gaining 12 sen to RM5.04 and Nestle climbing RM3.20 to RM146.60.
Petronas Chemicals however faced a selloff following a downgrade by JPMorgan to underweight with a target price of RM7.50. The counter shed 5.7% to hit a low of RM8.47 in the morning session. At midday break, it had lost 43 sen or 4.8% to RM8.56.
It was joined in the red by Petronas Gas, which lost 30 sen to RM17.36.
Glovemakers continued their downtrend on Wednesday with Top Glove extending losses by another nine sen to RM4.89.
This marked the eight consecutive day of losses for the world's largest glovemaker, a result of increased competition in the nitrile gloves segment and earnings pressure from a weakening US dollar.
Hartalega, meanwhile, saw a fifth straight day of declines, shedding five sen to RM5.10.
On the wider market, Gamuda jumped 24 sen or nearly 10% to RM2.70. The construction stock's share price has been on a positive trend since Monday.
Top traded stocks for the morning session were MyEG, leaping 6.5 sen to RM1.02, Bumi Armada growing 0.5 sen to 15.5 sen and Hubline gaining 0.5 sen to 5.5 sen.
Investors pushed up crude oil futures as on hopes that a resolution to the trade dispute was approaching. US crude gained 79 cents to US$50.57 a barrel while Brent jumped 81 cents to US$59.33 a barrel.
In currencies, the ringgit strengthened a further 0.1% against the US dollar to 4.1155. It also grew 0.4% against the pound sterling at 5.2432 and marginally against the Singapore dollar at 3.0322.
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