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Mild rebound for KLCI as Tenaga, Genting advance

KUALA LUMPUR: Blue chips edged higher early Thursday aided by some buying of Tenaga Nasional and Genting stocks but investors were not expected to pick up stocks on a broad scale due to the rising US-China trade tensions.

At 9.06am, the FBM KLCI was up 2.32 points or 0.14% to 1, 607.02. Turnover was 107.01 million shares valued at RM42.52mil. There were 99 gainers, 79 losers and 154 counters unchanged.

Easings by central banks stoked fears of global recession, driving US yields to near-record lows and lifting gold past US$1, 500 for the first time since 2013, Reuters reported.

Spot gold was last at US$1, 503.56 per ounce, having been as far as $1, 510. The precious metal has surged 16% since May.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.03%, having shed 8% in less than two weeks. Japan’s Nikkei inched up 0.1%, and away from seven-month lows. E-Mini futures for the S&P 500 lost 0.13%.

At Bursa, Tenaga rose 12 sen to RM13.96, Petronas Gas 12 sen also to Rm16.06 but with just 100 shares done, Genting added six sen to RM6.24 and GentingM five sen to RM3.23.

LPI added 10 sen to RM15.60, BIMB six sen to RM22.42, Press Metal and ASIA FILE five sen higher to RM4.75 and RM2.46 in thin trade.

Time dotCom fell the most, down 15 sen to RM8.85 with 1, 100 shares done, Hartalega 11 sen lower at RM4.93, MISC 10 sen to RM7.11 and Public Bank six sen to RM21.22.

Source: TheStar