KLCI gains ground on improved sentiment

KUALA LUMPUR: The FBM KLCI continues to gain ground Monday as market sentiments were boosted by the US-Mexico deal to avert a tariff war and optimism for a rate cut by the US Federal Reserve.

At closing, the benchmark index rose 6.14 points, or 0.37% to 1,655.47. The market traded within a range of 4.15 points between an intra-day high of  1,656.0 and a low of 1,651.85 during the session.

Turnover stood at 2.28 billion shares valued at RM1.79bil. Market breadth was positive with 613 gainers as compared to 276 losers while 350 counters unchanged.

In today’s session, 16 of the KLCI-component stocks were traded higher, nine counters fell while the remaining closed unchanged. 

Dealers said the positive global market environment helped key Asian stock indices to march on and local bourse was playing catching up after the recent bout of weakness. 

On Bursa Malaysia, Fraser & Neave jumped 54 sen to 34.82, Apex Healthcare rose 26 sen to RM8.48 and Malaysia Airports Holdings added 24 sen to RM7.86.

Ekovest, which was the most actively traded counter, added six sen to 85 sen with 162 million shares traded. Bumi Armada added 0.5 sen to 21 sen with 99.7 million shares done and Iskandar Waterfront rose 10.5 sen to 94 sen with 77.7 million shares exchanged hands. 

Among the banks, Maybank added five sen to RM9.04, Public Bank rose eight sen to RM23.50, Hong Leong Bank gained 22 sen to RM19.22 while RHB Bank added 10 sen to RM5.85.

Elsewhere in the region, Japan’s Nikkei closed at a two-week high on Monday after U.S. President Donald Trump withdrew a threat to impose tariffs on Mexican imports. The benchmark Nikkei rose 1.2% to 21,134.42 points, its highest close since May 28. 

Hong Kong’s Hang Seng index ended up 2.3% at 27,578.64 points, after marking its best session since Dec. 3, 2018. The China Enterprises Index gained 1.9% to 10,526.92 points.

The blue-chip CSI300 index rose 1.3%, to 3,610.74, while the Shanghai Composite Index gained 0.9% to 2,852.13.

South Korea’s Kospi closed up 27.16 points, or 1.31%, at 2,099.49, marking the biggest daily percentage gain since April 29.