Share prices rebound

BURSA Malaysia ended higher yesterday on persistent buying in selected heavyweights and finance counters after a weak performance on Tuesday, in line with most regional bourses, dealers said.

The FBM KLCI rose 7.77 points to close at 1,800.71. After opening 1.78 points higher at 1,794.72, the index moved between 1,794.61 and 1,805.65 during the day.

On the broader market, gainers led losers 502 to 368, with 384 counters unchanged, 629 untraded and 25 suspended.

Of the heavyweights, Maybank added 1 sen to RM9.75. Public Bank jumped 16 sen to RM25.06, CIMB gained 8 sen to RM6.12 while TNB slipped 4 sen to RM15.78 and Petronas Chemicals was flat at RM9.41.

A dealer said that global markets were attempting to power higher as investors mostly brushed away the latest escalation in tit-for-tat tariffs between the world’s two largest economies.

“There is also a sense of some relief among investors that the United States could be softening its stance after it imposed 10% tariffs on an additional US$200 billion worth of Chinese goods, instead of the expected 25%.

“This has provided some quiet optimism that both sides will attempt to return to the negotiation table later down the line to resolve the prolonged trade tensions,” he said in a statement yesterday. – Bernama