KUALA LUMPUR (July 1): The FBM KLCI had today closed 11.49 points or 0.69% higher, as trade volume across Bursa Malaysia topped three billion shares amid what appeared to be a global relief stock market rally, after the US and China agreed to restart trade talks at the G20 meeting in Japan over the weekend.
At Bursa Malaysia today, the KLCI closed up at its intraday high at 1,683.62, led by Petronas Chemicals Group Bhd, while the index for small market capitalisation stocks rose 282.78 points or 2.18% to 13,278.84.
Broad-based buying across Bursa Malaysia saw the the exchange registering a volume at 3.32 billion shares, worth RM2.18 billion. There were over 600 gainers versus some 200 decliners across the exchange.
Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the KLCI saw a "relief rally" after US-China's agreement to resume trade negotiations, supported Asian share gains.
China's Shanghai Stock Exchange Composite closed up 2.22%, while Japan's Nikkei 225 added 2.13%.
Reuters reported today that stocks rallied and bonds retreated in Asia on Monday, as the US and China agreed to restart trade talks, leading investors to pare wagers on aggressive policy-asing by major central banks. It was reported that the US and China agreed on Saturday (June 29) to resume trade negotiations, after President Donald Trump offered concessions to his Chinese counterpart Xi Jinping when the two met at the sidelines of the G20 summit in Japan.
It was reported that these included no new tariffs and an easing of restrictions on tech company Huawei, in order to reduce tensions with Beijing. According to Reuters, China agreed to make unspecified new purchases of U.S. farm products and return to the negotiating table.
At Bursa Malaysia today, Petronas Chemicals was the biggest percentage gainer among the KLCI's 30 component shares, after the stock closed up 34 sen or 4.05% at RM8.74.
Bursa Malaysia's most active stocks included oil and gas-related KNM Group Bhd and Bumi Armada Bhd, both of which registered a trade volume of some 395 million and 228 million shares respectively.
KNM and Bumi Armada's share price rose, amid higher global crude oil prices. KNM closed up four sen at 29.5 sen, while Bumi Armada rose one sen to 22.5 sen.
Reuters reported oil prices rose more than US$1 a barrel on Monday, with OPEC and its allies on track to extend supply cuts until at least the end of 2019, at their meeting in Vienna this week. It was reported that front-month Brent crude futures for September touched an intraday high of US$66.63 a barrel, and were up US$1.72 or 2.7% at US$66.46 a barrel by 0639 GMT.
Source: The Edge
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