KUALA LUMPUR (Dec 5): The FBM KLCI edged up in early trade Thursday, tracking gains at most global markets.

At 9.05am, the FBM KLCI  added 0.57 points to 1,561.50.

The early gainers included Chin Teck Plantations Bhd, Petronas Gas Bhd, Muhibbah Engineering (M) Bhd, Public Bank Bhd, Kuala Lumpur Kepong Bhd, Gamuda Bhd and IGB Bhd.

Bloomberg said stocks in Asia opened higher Thursday after a report the U.S. and China are getting closer to a deal that would avoid tariffs due to kick in later this month. Treasury yields stabilized after gains.

Shares opened higher in Sydney, Tokyo and Seoul, while equity futures in Hong Kong were higher after the S&P 500 Index climbed overnight. News that negotiators are nearing an agreement on the amount of tariff relief in a phase-one U.S.-China accord helped risk assets after concerns earlier in the week when President Donald Trump downplayed the urgency of a deal. New Zealand’s dollar edged up after the country’s largest lenders were told to increase capital buffers, it said.

JF Apex Securities said US stocks were boosted on Wednesday by a news report from Bloomberg that said the U.S. and China were edging closer to a trade deal, leading the major averages to snap a three-day slide.

It said European stocks closed higher yesterday as investor sentiment over the prospect of an initial U.S.-China trade deal improved.

“On the local market, the FBM KLCI lost 1.34 points to 1560.93 points.

“Following the market rebounds in the US and Europe, the FBM KLCI could follow suit with resistance at 1615 points and support at 1550 points,” it said.