Equities recover as policymakers hint at trade deal

KUALA LUMPUR: The FBM KLCI ended over 10 points higher at midday as stock prices bounced back on hopes of easing geopolitical tensions in North America.

Global equities, which were broadsided yesterday following the implementation of additional US tariffs on Canada, Mexico and China, have made a tentative comeback amid reports that a deal is being hammered out between the US and its North American trade partners.

Malaysia's benchmark index was up 10.45 points to 1,566.11, although this remained only a partial recovery of the loss recorded in the previous session.

There was also a recovery among some of Bursa Malaysia's lower liners, with 540 stocks registering gains after more than a thousand plunged into the red previously.

Turnover was 1.83 billion shares changing hands for RM1.24bil.

The rebound on Bursa Malaysia was in line with the wider regional sentiment as key Asian markets picked themselves up from beaten-down prices.

China's composite index rose 0.32% to 3,334, helped along by additional stimulus measures promised at the parliamentary sessions of the National People's Congress.

Hong Kong's Hang Seng rallied 1.65% to 23,320.

In Japan, the Nikkei rose 0.61% to 37,558 and Singapore's Straits Times was up 0.32% to 3,903.

Among the leading blue chips on Bursa Malaysia, YTL Power rose nine sen to RM3.04 and Tenaga Nasional gained 22 sen to RM13.82.

Press Metal climbed 13 sen to RM4.98 while Gamuda rose 12 sen to RM4.22.

Nestle continued to exhibit weakness, falling RM2.62 to an eight-year low of RM76.50.