MISC leads KLCI higher, key markets advance

KUALA LUMPUR: Blue chips advanced in early Friday trade ahead of the Budget 2020 announcement while key Asian markets climbed on a more positive outlook for the US-China trade talks.

At 9.16am, the FBM KLCI was up 2.71 points or 0.17% to 1,554.58. Turnover was 249.87 million shares valued at RM114.35mil. There were 218 gainers, 84 losers and 199 counters unchanged.

On Thursday, foreign funds were again net sellers at RM40.6mil but local institutions were net buyers at RM26.7mil and retail investors at RM13.8mil.

Asian shares and US stock futures rose after US President Donald Trump said he would meet with China’s top trade negotiator, while sterling retreated after rallying on revived hopes of a possible Brexit deal.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5%, following on from gains on Wall Street. S&P e-mini futures added 0.2%. Australian shares climbed 0.8%, while Japan’s Nikkei stock index gained 0.9%.

At Bursa, MISC rose 36 sen to RM8.40, KL Kepong added 10 sen to RM21.54, BAT and Maybank added six sen each to RM17.34 and RM8.45.

Guan Chong rose 10 sen to RM4.48 while Heitech Padu, Cypark and Pentamaster added six sen each to RM1.15, RM1.34 and RM4.47 respectively.

Nestle fell 60 sen to RM144, PPB Group 10 sen to RM17.80 while Petronas Dagangan lost eight sen to RM23.02 and Unisem six sen lower at RM2.42.

Source: TheStar