Bursa Malaysia opens higher as China's economy recovers


Bursa Malaysia remained marginally positive this afternoon as regional markets struggled to remain optimistic about China's move to revive its battered economy.

Reports of the world's second-largest economy posting deflation in January have exacerbated concerns about a prolonged economic slowdown.

However, the Chinese market is still on a strengthening movement after the meeting between the Chinese President, Xi Jinping and the top financial regulator.

At exactly 2.30pm, Malaysia's benchmark FBM KLCI rose 2.55 points to 1,515.66 with market sentiment being positive where gainers outnumbered losers at 419 to 346.

The trading volume was 1.61 billion share units worth RM887.48 million.

Some high-end stocks led the market including CIMB up six sen to RM6.26, Axiata up six sen to RM2.77 and Kuala Lumpur Kepong up 30 sen to RM22.32.

In other stocks such as Carlsberg rose 28 sen to RM19.72, Sunway Construction jumped 18 sen to RM2.65 and LPI Capital gained 12 sen to RM12.58.

In Asian markets, the Shanghai Composite Index rose 1.15% to 2,862.31 and the CSI300 high-end stock rose 0.4% to 3,356.

Hong Kong's Hang Seng fell 0.9% to 15,941.

Japan's Nikkei index jumped 2.1% to 36,878 and South Korea's Kospi added 0.4% to 2,620.