KUALA LUMPUR: The local market received a lift from Axiata in the afternoon session after investors caught on to news it had been approached for a sale of its stake in M1 Ltd.
While the market was broadly positive, the jump in Axiata's share price by 19 sen to RM4.75 added over three points to the FBM KLCI.
At 5pm, the local benchmark index was up 4.25 points to 1,798.72. Trading volume was 2.21 billion shares valued at RM2.3bil. There were 469 gainers versus 387 decliners and 402 counters unchanged.
Regional markets were generally lifted by a bounce in Chinese equity as investors banked on Beijing expanding its stimulus measures to prop up its economy in light of the trade tensions.
The Shanghai Composite Index was up 0.9% to 2,806.81, the CSI 300 rose 1.11% to 3,417.24 and Hong Kong's Hang Seng gained 1.15% to 27,816.87.
Earlier in the day, Japan's Nikkei had closed 0.4% higher at 24,033.79, while South Korea's Kospi added 0.68% to 2,339.17.
Back home, leading gainers on the market included TNB, which added 34 sen to RM15.50.
CIMB seemed to have shed the negative sentiment surrounding the resignation of its chairman, rebounding four sen to RM6.04.
Counters that attracted heavy investor interest included VS Industry, which jumped 11 sen to RM1.73 while Hibiscus gained five sen to RM1.23.
Losing momentum, Ideal United Bintang dropped 13 sen to RM1.50, DKLS shed 13 sen to RM1.67 and United Plantation dropped 10 sen to RM27.18.
In oil markets, prices were supported on concerns of tight supply on U.S. sanctions on Iran's oil exports, though they eased slightly after Trump complained the OPEC producers group was "ripping off" global oil consumers.
WTI crude slipped eight cents to US$72.20 a barrel while Brent crude shed seven cents to US$81.80 a barrel.
In currencies, the ringgit was just 0.1% lower against the US dollar at 4.1413. It weakened 0.3% against the pound sterling at 5.4538 and 0.15% against the Singapore dollar at 3.0336.
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