KLCI inches higher on Petronas Chemicals’ gains

KUALA LUMPUR: Blue chips eked out slight gains early Thursday as the US-China trade tensions eased and Hong Leong Bank, Petronas Chemicals and MISC were among the bigger gainers in the FBM KLCI.

At 9.16am, the KLCI was up 1.76 points or 0.11% to 1,604.06. Turnover was 204.63 million shares valued at RM91.31mil. There were 198 gainers, 93 losers and 214 counters unchanged.

Asian stocks rose on hopes for a thaw in US-China trade frictions and expectations that the European Central Bank will kick off another wave of monetary easing by global central banks, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2% and Japan’s Nikkei stock index rose 1%. Australian shares were up 0.41%.

US stock futures jumped and safe-havens such as the yen and gold fell after US President Donald Trump agreed to delay an additional increase in tariffs on Chinese goods by two weeks at the request of China’s Vice Premier Liu He “as a gesture of goodwill.”

At Bursa, KLCC added 20 sen to RM8.35 and HL Bank 16 sen to RM16.56 with just 100 shares done. Petronas Chemicals continued to advance, up 13 sen to RM7.36 while MISC added 12 sen to RM7.91.

Bermaz added six sen to RM2.36 in active trade while Bursa, Muhibbah and RHB Bank were up five sen each to RM6.29, RM2.45 and RM5.71.

However, the KLCI’s advance was restrained by losses in Petronas Dagangan, Sime Plantation, Tenaga and Petronas Gas.

Petronas Dagangan lost 70 sen to RM23.18, Sime Plant and Tenaga eight sen each to RM4.85 and RM13.86 while Petronas Gas shed six sen to RM16.26.

Source: TheStar