Bursa Malaysia closes at intra-day high as US, China call off extra tariffs

 Publish date: Thu, 7 Nov 2019, 5:49 PM

KUALA LUMPUR: Bursa Malaysia ended the session at an intra-day high after it climbed at the eleventh hour following the announcement by both the US and China that they have agreed to cancel additional tariffs imposed on one another.
At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.38 per cent or 6.08 points higher at 1,609.33 compared with Wednesday’s close of 1,603.25.
The key index opened at 1,604.85 and moved between 1,601.18 and 1,609.33, the intra-day high.
On the broader market, gainers surpassed losers 456 to 382, while 585 counters were unchanged, 561 untraded and 18 others suspended.
Volume expanded to 2.81 billion shares worth RM1.89 billion from 2.70 billion shares worth RM1.72 billion yesterday.
An analyst said that the local bourse traded on a cautious note throughout the day and leapt in the last 10 minutes of trading, in line with global indices as the market rejoiced over the positive development on the trade front.
“Backed by better global sentiment, the market is expected to continue its uptrend tomorrow. Indices involving technology, commodities as well as logistics are expected to benefit directly from this,” she said.
On the technical front, the local bourse is expected to surpass the 1,610 immediate resistance benchmark in the near future.
“We foresee a bullish trend in trading as well as a possible influx of foreign inflow in selected heavyweight stocks especially Petronas and related stocks due to its possible IPO with Saudi Aramco,” she said.
The US and China have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
Of the heavyweights, MISC led the gains, rising 10 sen to RM8.30, while both Maxis and Sime Darby went up seven sen to RM5.49 and RM2.35 respectively, IHH inched one sen to RM5.55 and Petronas Gas leaped 18 sen to RM16.60.
Among the top gainers, United Plantation surged 88 sen to RM25.88 and Kuala Lumpur Kepong climbed 60 sen to RM22.92 on the back of better demand, while Nestle was 30 sen up at RM146.90.
The top losers were Fraser & Neave, which sunk 40 sen to RM34.90, while Southern Acids shed 15 sen to RM3.65 and Salutica declined nine sen to 83.5 sen.
As for the actives, Sumatec was flat at half-a-sen, Velesto Energy was 1.5 sen higher at 40 sen, Bumi Armada inched three sen to 48 sen and DGB Asia climbed two sen to 18.5 sen.
The FBM Emas Index was 46.07 points higher, the FBMT 100 Index rose 45.92 points to 11,202.05 and the FBM Emas Shariah Index climbed 42.40 points to 11,919.81.
The FBM Ace firmed 29.67 points to 4,986.78 and the FBM 70 added 72.60 points to 14,087.22.
Sector-wise, the Financial Services Index was up by 45.83 points at 15,691.41, the Industrial Products & Services Index edged up 0.46 point to 154.89 and the Plantation Index advanced 36.40 points to 6,898.75.
 - Bernama
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