Fourth day of gains

BURSA Malaysia extended gains for a fourth consecutive day with the benchmark index closing at a near three-week high yesterday, bolstered by positive regional sentiment and strong gains in index-linked counters led by Maybank. The FBM KLCI was 14.8 points higher at 1,703.57. Gains in Maybank lifted the composite index by 7.015 points. The banking stock climbed 36 sen to end at RM9.50 with 10.61 million shares traded.

Overall market breadth was bullish with gainers thumping losers 598 to 294, with 364 counters unchanged, 614 untraded and 19 others suspended.

Hermana Capital Bhd CEO and CIO Datuk Dr Nazri Khan Adam Khan said Asian equities rebounded strongly from earlier losses, showing some stabilisation as fears of a trade war between the US and China had subsided. “The worry is over. It’s a sign of bottoming,” he told Bernama.

He said there is growing optimism in the global market, with the hope that the world’s two largest economies would hold discussions to cool the trade war and tariff retaliations.