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KLCI rises 0.42% in line with regional bounce as US delays tariff on China

TheEdge Wed, Aug 14, 2019 09:11am - 11 months ago

KUALA LUMPUR (Aug 14): The FBM KLCI rose 0.42% in early trade this morning, tracking the bounce at regional markets

At 9.05am, the FBM KLCI gained 6.74 points to 1,599.62.

The gainers included Hong Leong Industries Bhd, Tenaga Nasional Bhd, Eita Resources Bhd, Public Bank Bhd, Petronas Chemicals Group Bhd, Inari Amertron Bhd, Serba Dinamik Holdings Bhd, Guan Chong Bhd and GHL Systems Bhd.

Asian stocks were primed to rally after the Trump administration de-escalated its trade war with China, providing relief to risk assets that had been under pressure earlier in the week. Treasuries retreated, according to Bloomberg.

Japanese futures were more than 2% higher after the S&P 500 saw its biggest intraday gain in more than two months. Washington said it was delaying until mid-December the 10% tariff on some Chinese-made products that are high on many holiday-shopping lists such as phones, laptops and toys. The U.S. yield curve flattened toward inversion on stronger-than-expected CPI data before the easing in trade tensions sent 10-year yields higher. The dollar strengthened, it said.

CGS-CIMB Retail Research said the local benchmark plunged 22 points yesterday as the political turmoil in Hong Kong continued to weigh on the Asian markets.

It said the local sentiment was also further dampened by the sharp decline in Public Bank Bhd.

“Stocks on Bursa may enjoy the positive spillover effect from Trump’s China tariff delay today.

“Nevertheless, the index could trade in a range bound mode this week amid the August reporting month. Resistance: 1,620 & 1,640. Support: 1,589 & 1,572,” it said.

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