KLCI rallies on renewed trade talks

  • Markets
  • Friday, 08 May 2020

KUALA LUMPUR: Bursa Malaysia rallied on Friday as worrying economic data took a back seat amid reports that US and Chinese officials were resuming trade talks over a pledged Phase 1 deal.

Asian markets, which had tracked Wall Street's overnight gains, received a second shot of adrenaline as the negotiations alleviated fears of a continuation of hostilities between the world's two largest economies.

At 12.30pm, the FBM KLCI was 13.87 points higher at 1,390.8. Trading volume was 2.82 billion shares valued at RM1.44bil. There were 552 gainers, 234 decliners and 366 counters unchanged.

Of the index-linked counters, there were 26 gainers and only four decliners. Top contributors to the index by weighting included Tenaga Nasional jumping 24 sen to RM12.30 while MISC gained 16 sen to RM7.93 and Maxis rose nine sen to RM5.35.

Bank stocks were led by Public Bank, which added 16 sen to RM15.90, CIMB rising three sen to RM3.44, Hong Leong Bank climbing 10 sen to RM13.30 and Maybank edging one sen higher to RM7.42.

Meanwhile, rubber glove makers swung higher with Hartalega rising 11 sen to RM7.36 and Top Glove gaining 23 sen to RM7.31.

Planter were among the few decliners, including IOI falling three sen to RM3.89 and KL Kepong shedding two sen to RM20.60. Press Metal slid one sen to RM3.91 and Nestle dropped 60 sen to RM138.70.

Of actives on the bourse, Key Alliance rose 0.5 sen to 11.5 sen, Advance Synergy gained 1.5 sen to 13.5 sen and Careplus added 4.5 sen to 57.5 sen.

Oil markets recovered from a fall on Thursday, which had snapped five straight sessions of gains. US crude rose 52 cents to US$24.07 a barrel and brent was 51 cents higher at US$29.97 a barrel.

The ringgit meanwhile outperformed a basket of currencies, rising 0.5% against the US dollar 4.3010,03.% against the pound sterling at 5.3268 and 0.3% against the Singapore dollar at 3.0450.
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