Blue chips jump on trade hopes, Asian markets up

KUALA LUMPUR: Blue chips rallied in early Monday trade, mirroring the optimistic key Asian markets on hopes of a US-China trade deal.

At 9.19am, the FBM KLCI was up 10.67 points or 0.69% to 1,567.51. Turnover was 506.60 million shares valued at RM208.50mil. There were 298 gainers, 116 losers and 228 counters unchanged.

Asian share markets pushed higher as signs of progress in the China-US trade standoff whetted risk appetites, while pressuring safe-haven bonds and the yen, Reuters reported.

Liquidity was lacking, however, with Japan off and a partial market holiday in the United States for Columbus Day. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.5%. Australia’s main index gained 0.9% and South Korea firmed 1.3%.

At Bursa, foreign funds were net buyers last Friday at RM55.6mil while local institutions were net sellers at RM53.9mil and retail investors at RM1.7mil.

At Bursa, integrated industrial property solutions provider AME Elite Consortium was trading at RM1.38 or eight sen above its offer price of RM1.30. There were 15.95 million shares done.

HLFG was the top gainer, up 24 sen to RM16.28, BAT added 22 sen to RM17.46, MISC 21 sen to RM8.49 while KLK added 14 sen to RM21.54.

Litrak advanced 14 sen to RM4.80.

KESM rose 20 sen to RM7.75, SAM Engineering 15 sen to RM8.20 and Pentamaster 14 sen to RM4.66.

Source: TheStar