Bursa Malaysia ends in positive territory, awaits US-China trade talks
KUALA LUMPUR: Bursa Malaysia closed the trading day in positive territory, supported by investor accumulation of selective heavyweights, as market participants awaited the outcome of high-level US-China discussions.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) perked up 2.62 points, or 0.17 per cent, to 1,519.41 from last Friday's close of 1,516.79.
The benchmark index opened at 1,518.06, up 1.27 points, and subsequently fluctuated in a narrow range between 1,518.03 and 1,521.64 throughout the day.
Across the broader market, gainers outnumbered losers 535 to 400, while 484 counters were unchanged, 941 untraded and 20 suspended.
Turnover expanded to 2.61 billion units worth RM1.84 billion compared with last Friday's 1.92 billion units worth RM1.66 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama that, domestically, investors have been accumulating selected heavyweights, especially financial services, construction, and technology-related stocks, at current price levels which is considered relatively cheap.
"Technical indicators suggest the FBM KLCI is consolidating within a narrow range until fresh catalysts emerge.
"We expect the index to trade between 1,500 and 1,530 for the week, representing its support and resistance levels," he added.
Commenting on the regional markets, Thong said the FBM KLCI tracked the strong performance of regional bourses, which closed mostly higher on optimism surrounding the upcoming trade talks between Washington and Beijing.
"Technology counters were standout performers, buoyed by robust rallies in Chinese Internet firms and South Korean semiconductor stocks," he added.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said progress in the complex trade negotiations, as announced by US President Donald Trump, has further lifted market sentiment.
"Market participants will be closely monitoring the outcome of these high-level discussions, as any breakthrough could set the tone for risk sentiment and global trade flows in the months ahead," he said.
China's Foreign Ministry confirmed that Vice Premier He Lifeng will visit the United Kingdom from June 8-13, with China-US economic and trade consultations scheduled to take place during his visit.
Back home, Mohd Sedek opined that today's gains were led by stocks in the agriculture, oil and gas, and banking sectors, while consumer-related counters lagged.
The broader market continues to find support from resilient domestic fundamentals and improving external sentiment, although performance is expected to remain selectively driven by sectoral dynamics and evolving macroeconomic signals," he said.
Among the heavyweights, Petronas Chemicals gained 10 sen to RM3.35, QL Resources jumped 16 sen to RM4.53, CIMB rose five sen to RM6.89, Tenaga Nasional improved eight sen to RM14.28, while Maybank erased two sen to RM9.68.
The top gainers in the broader market were led by Dutch Lady, which put on 74 sen to RM29.70, Malaysian Pacific Industries rose 70 sen to RM20.90, Ayer Holdings climbed 36 sen to RM7.60, while Pentamaster soared 20 sen to RM2.80.
Among the most active stocks, MYEG was flat at 94.5 sen, MPire Global was two sen higher at 11 sen, ACE Market debutant Hartanah Kenyalang lost 1.5 sen to 14.5 sen, and Tanco shed four sen to 99 sen.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
19 minutes ago
- Malay Mail
China stocks near three-week high as Sino-US trade truce sparks optimism
SHANGHAI, June 11 — China stocks hit their highest levels in nearly three weeks today, lifted by optimism over progress in US-China trade talks, though investors awaited further details on the framework agreed by the two countries. China's blue-chip CSI300 Index rose as much as 1.2 per cent, hitting its highest level since May 23. The Hong Kong's benchmark Hang Seng index climbed up to 1 per cent, reaching its strongest level since March 20. US and Chinese officials said yesterday they had agreed on a framework to put their trade truce back on track and remove China's export restrictions on rare-earths while offering little sign of a durable resolution to longstanding trade differences. 'This is positive news to the market. At least now there's a bottomline that neither side is willing to cross,' said Mark Dong, co-founder of Minority Asset Management. 'Going forward, both sides will move toward reducing the trade imbalance.' The two-day meeting in London followed a rare leader-to-leader call between US President Donald Trump and Chinese counterpart Xi Jinping on Thursday, after tensions between the countries flared with each accusing the other of violating the Geneva deal. The CSI Rare Earth Index jumped nearly 4 per cent and shares of China's semiconductor index edged up 0.2 per cent. 'The details matter, especially around the degree of rare-earths bound for the US, and the subsequent freedom for US produced chips to head East,' said Chris Weston, head of research at Pepperstone. 'But for now as long as the headlines of talks between the two parties remain constructive, risk assets should remain supported.' By the lunch break, the CSI 300 Index had risen nearly 1 per cent, the Shanghai Composite Index gained 0.5 per cent and the Hang Seng Index was up close to 1 per cent. Tech majors traded in Hong Kong gained 1.2 per cent. Chinese stocks have struggled for direction since April 2, when Trump announced sweeping reciprocal tariffs that threatened to upend the global trade order. The CSI300 Index has barely budged from the April 2 level, and Hong Kong's benchmark Hang Seng Index gained around 5 per cent during the period, both lagging the recovery among major global markets. China's auto stocks rose 2.2 per cent today, after several major automakers — including BYD, Chery and Geely — pledged to pay suppliers within 60 days. — Reuters
New Straits Times
20 minutes ago
- New Straits Times
Shahril Hamdan: Petronas job cuts reflect global O&G challenges
KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) move to potentially reduce its headcount by more than 5,000 is aligned with the broader challenges of the oil and gas sector, said former economic advisor to the Prime Minister's Office Shahril Hamdan. In an episode of his podcast 'Keluar Sekejap', Shahril said that, in data from 2015, Petronas generated around RM6 million in revenue per employee and compared that to other national oil companies (NOCs). "Petrobras, roughly 2 to 3 million US dollars per employee. Pertamina, more or less like us—1.5 to 2 million. Shahril, who is also ex-Umno information chief, said that Petronas, and the public, cannot deny that adjustments must be made to remain competitive. He highlighted the vastly different oil and gas landscape of today compared to the 1990s, when the cost structure was different and the technical difficulty of exploration was lower. He added that with easy-to-access oil and gas fields already tapped, companies around the world today are operating under new constraints. "In the United States, for instance, it's the clearest example, where even though many barrels of oil are produced, employment in this sector has decreased," Shahril said. Last Thursday (June 5), Petronas president and group chief executive officer Tengku Tan Sri Muhammad Taufik said the company expects to reduce its head count by "upwards of 5,000" as it right-sizes its workforce amid an evolving and increasingly challenging operating environment. Taufik added that all those affected will be informed by the end of the year. The national oil company will also freeze recruitments until December 2026. Petronas, which has some 52,000 employees globally, first announced in February this year that it was set to begin rightsizing its workforce by mid-2025. It would implement the new structure in phases and ensure the process is carried out in a structured manner.
The Star
33 minutes ago
- The Star
Asian equities rally after China-US framework on trade
HONG KONG: Asian stocks rose Wednesday (June 11) as investors welcomed a China-US agreement to lower trade tensions that stoked hopes the economic superpowers will eventually reach a broader tariff deal. After two days of high-profile, closely watched talks in London, the two sides said they had set up a framework to move towards a pact, following negotiations in Geneva last month that saw them slash tit-for-tat levies. The news provided some much-needed relief to markets after US President Donald Trump accused Beijing of violating that deal. The latest round of talks followed a phone call between Trump and his Chinese counterpart Xi Jinping on Thursday. As well as tariffs, a key issue in the discussions was China's export of earth minerals and magnets used in a range of things including smartphones and electric vehicle batteries, while Beijing was keen to see an easing of restrictions on its access to tech goods. US Commerce Secretary Howard Lutnick said he was upbeat that concerns over rare earths "will be resolved" eventually, as the agreement is implemented. Xi and Trump must approve the framework first. "We're moving as quickly as we can," US Trade Representative Jamieson Greer told reporters. "We would very much like to find an agreement that makes sense for both countries," he added. "We feel positive about engaging with the Chinese." Speaking separately to reporters, China International Trade Representative Li Chenggang expressed hope that progress made in London would help to boost trust on both sides. The deal, which was reached late Tuesday, boosted Asian markets with Hong Kong and Shanghai among the best performers, while Tokyo, Sydney, Seoul, Wellington, Taipei and Manila were also up. However, analysts said investors would be keen to get a closer look at the details of the agreement. "The US-China trade circus wrapped with what can only be described as a diplomatic tautology," said Stephen Innes at SPI Asset Management. He called it "a late-night announcement that both sides have 'agreed in principle on a framework to implement the Geneva consensus' -- a consensus that was... already agreed upon weeks ago". And he warned that markets could run out of steam if nothing concrete came through. "If the next headline doesn't come with something tangible, such as cargo ships loaded with rare earths or an actual rollback of tariffs, expect risk assets to start demanding more photo opportunities," he wrote. "Until then, this rally relies on faith." And Saxo chief investment strategist Charu Chanana said before the deal was announced that while there was some hope for the talks "the era of easy wins - tariff pauses and minor concessions - is over". "What's left are deeper, more entrenched challenges: tech restrictions, rare earth supply chains, student visas and national security-linked concerns. These are strategic disputes, unlikely to be resolved in a few rounds of meetings." Still, she did say that "trade uncertainty has clearly faded since the peak chaos of early April", when Trump unleashed a tariff blitz that hammered worldwide stock and bond markets. Tuesday's news also overshadowed the World Bank's slashing of its 2025 forecast for global economic growth to 2.3 per cent, from the 2.7 per cent predicted in January, citing trade tensions and policy uncertainty. It also said the US economy would expand 1.4 per cent this year, half of its 2024 expansion. - AFP
