KLCI holds on to gains as markets jump on relief rally

KUALA LUMPUR: The FBM KLCI extended its early morning lead to end 6.28 points higher at 1,655.61 at midday.

There was a broad-based advance on Bursa Malaysia as rising counters outpaced decliners 514 to 245, while 321 counters were unchanged. Trading volume was 1.22 billion shares valued at RM704.35mil.

Heavyweights leading the market higher included IHH, which rose 15 sen to RM5.66, Tenaga Nasional rising 12 sen to RM12.90 and Digi climbing eight sen to RM4.89.

Most actively traded stocks were Bumi Armada adding one sen t21.5 sen, Ekovest rising 2.5 sen  to 81.5 sen and AAX gaining 0.5 sen to 24.5 sen.

Asian markets were on the rise on Monday as Washington suspended planned tariffs on Mexico over the weekend, alleviating fears of another trade conflict.

Greater China markets were bullish on the news, with strong advances seen in major indices.

The Shanghai Composite Index rose 1%, the CSI300 Index gained 1.4% and Hong Kong's Hang Seng Index jumped 2%.

Elsewhere, Japan's Nikkei Index ad South Korea's Kospi Index gained 1.1% apiece.

Oil prices advanced following news that Opec will be maintaining supply cuts even as the global demand outlook improved on the back of Washington's decision over the Mexican tariffs.

While retreating from intra-session highs, US crude was 32 cents higher at US$54.31 a barrel and Brent crude was up 32 cents at US$63.61 a barrel.

In currencies, the ringgit was 0.1% lower against the greenback at 4.1637. It was also 0.1% lower against the pound sterling at 5.2932 and 0.15% weaker against the Singapore dollar at 3.0478.