KUALA LUMPUR (May 8): The FBM KLCI rose 1.01% at the midday break as investor sentiment received a boost from talks between US and China officials and the gradual reopening of most economies.

At 12.30pm, the FBM KLCI rose 13.87 points to 1,390.80. The index had earlier slipped to a low of 1,382.02.

Gainers led losers by 454 to 172, while 526 counters traded unchanged. Trading volume was 2.82 billion shares valued at RM1.45 billion.

The gainers included LPI Capital Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Kossan Rubber Industries Bhd, Tenaga Nasional Bhd, Can-One Bhd, Top Glove Corp Bhd, Hengyuan Refining Company Bhd and Malayan Cement Bhd.

The actives included Key Alliance Group Bhd, Advance Synergy Bhd, Careplus Group Bhd, Key Asic Bhd, Green Packet Bhd and UCrest Bhd.

The decliners included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Allianz Malaysia Bhd, United Malacca Bhd, Pintaras Jaya Bhd, Bintulu Port Holdings Bhd, YNH Property Bhd and Scientex Bhd.

Reuters said most Southeast Asian stock markets rose on Friday as investors focused on talks between US and Chinese trade officials and after some countries showed progress in plans to reopen their coronavirus-hit economies.

Amid escalating bilateral tensions, top trade representatives of China and the United States held a phone call earlier in the day to discuss their Phase 1 trade deal and agreed to strengthen macroeconomic and public health cooperation, it said.

Meanwhile, Asian shares rose on Friday as investors focused on US-China trade talks and solid corporate earnings rather than the looming release of data expected to show the worst US unemployment rate in more than 70 years.

Having opened higher following gains on Wall Street overnight, Asian markets had a further boost late in the morning on Chinese state media reports that US and Chinese trade representatives had held a phone call and pledged to cooperate on carrying out the countries' Phase 1 trade deal, it said.

Kenanga IB Research said Asian stocks ended higher on Wednesday (May 6), as investors reacted positively towards US President Donald Trump's statement on reopening the US economy.

It said back home, the FBM KLCI declined 12.6 points or 0.91% to finish at 1,376.93.

“Chart-wise, the index — following its rebound from previous oversold position to close the gap that was opened during the mid-March market meltdown — could face renewed selling pressures ahead.

“On the chart, our immediate support levels stand at 1,360 (S1) and 1,310 (S2).

“On the upside, our resistance levels can be found at 1,400 (R1) and 1,420 (R2),” it said.