Business

Bursa higher after US, China suspend new tariffs

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, Dec 3 2018 : Bursa Malaysia opened higher today post the Group of 20 (G20) Summit and after US President Donald trump and his Chinese counterpart Xi Jinping, agreed to suspend new tariffs, in what was a boost to financial and stock markets, dealers said.

At 9.11 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 10.40 points firmer at 1,690.26 versus Friday’s’s close of 1,679.86.

The index opened 5.88 points better at 1,685.74. 

On the broader market, gainers led losers 258 to 103, with 124 unchanged, 1,381 counters untraded and 21 others suspended.

Volume stood at 233.14 million units valued at RM157.51 million.

RHB Research Institute said both China and the US had agreed to halt the imposition of additional tariffs as both economies engaged in new trade negotiations with the aim of inking an agreement within 90 days.

“The breakthrough came after a dinner meeting between President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Buenos Aires.

“Trump decided not to impose further tariffs on US$200 billion of Chinese goods from 10 to 25 per cent on January 1 as previously announced, while Beijing agreed to buy an unspecified, but “very substantial” amount of agricultural, energy, industrial and other products,” it said, citing the White House.

Following this, global oil prices has also expanded by 3.72 per cent to US$61.67 per barrel.

Among heavyweights on Bursa Malaysia , Maybank rose six sen to RM9.45, Public Bank and Tenaga were flat at RM24.92 and RM14.24 respectively, while Petronas Chemicals was three sen better at RM9.23.

Of actives, PWorth improved half-a-sen to 4.5 sen, Bumi Armada and Genting Malaysia both inched up one sen to 17 sen and RM2.87 respectively, but Hubline was flat at four sen.

Top gainers, United Plantations bagged 58 sen to RM26.68, Malaysian Pacific rose 52 sen to RM10.52, Hong Leong gained 28 sen to RM20.66 and KESM Industries was 25 sen to RM8.28.

The FBM Emas Shariah Index perked 93.55 points to 11,726.99, the FBM 70 was up 118.94 points at 13,660.85 and FBM Ace Index was 32.23 points higher at 4,796.66.

The FBM Emas Index climbed 83.21 points to 11,687.55 and the FBMT 100 Index recovered 78.01 points to 11,558.06.

Sector-wise, the Plantation Index inched up 19.76 points to 6,873.03, the Industrial Products and Services Index was 0.62 of-a-point weaker at 171.05 and the Financial Services Index perked 100.89 points to 17,470.11. – Bernama

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Syndicated News

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News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.