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Thursday, May 11, 2017

Market Daily Report: FBM KLCI up 8.83 points on crude oil price rise

KUALA LUMPUR (May 11): The FBM KLCI rose 8.83 points or 0.5%
as higher crude oil prices buoyed world share gains. Such sentiment led to buying in KLCI-linked Petronas Gas Bhd and Petronas Dagangan Bhd shares.

At 5pm, the KLCI closed at 1,775.39 points. Petronas Gas rose 62 sen to RM19.12 to become Bursa Malaysia's third-largest gainer. Petronas Dagangan climbed 28 sen to RM24.28.

Across Asian share markets, Japan's Nikkei 225 closed up 0.31%, while Hong Kong's Hang Seng rose 0.44%.

Reuters reported that world stocks held near all-time highs on Thursday, helped by a rebound in energy shares as oil prices rose after US fuel inventories declined and Saudi Arabia cut supplies of crude to Asia more than expected.

It was reported that Brent crude rose another 1.3 percent following a 3 percent gain in the previous session. The advance helped Brent regain the US$50 level and reverse all of last week's losses.
In Malaysia, Maybank Investment Bank Bhd chartist Nik Ihsan Raja Abdullah told that "clearly, there is ample liquidity in the market."

"The benchmark index (KLCI) also tracked the slight recovery in oil prices, which gained 3% overnight," Nik Ihsan said.

Across Bursa Malaysia, 3.55 billion shares valued at RM3.48 billion changed hands. Gainers outpaced decliners at 560 versus 376 respectively.

Top gainers included oil and gas-based Petron Malaysia Refining & Marketing Bhd and Hengyuan Refining Co Bhd. NetX Holdings Bhd was the most-active counter.

Source: The Edge

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