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Monday, October 30, 2017

Market Daily Report: KLCI gains on Petronas stocks, well-received Malaysian budget






KUALA LUMPUR (Oct 30): The FBM KLCI climbed 2.22 points or 0.1%, lifted by oil and gas and plantation-linked counters and as investors reacted positively to Malaysia's Budget 2018.

At 5pm, the KLCI closed at 1,748.35 points on gains in stocks like Petronas Dagangan Bhd, Petronas Chemicals Group Bhd, Sime Darby Bhd and Kuala Lumpur Kepong Bhd (KLK).

“The market is reacting positively to the Budget,” Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com.

Petronas-linked stocks rose as Brent crude oil were traded above US$60 a barrel. Meanwhile, Sime Darby and KLK climbed as Malaysian palm oil futures tracked rival soybean oil gains.

Across Bursa Malaysia, 2.88 billion shares valued at RM2.15 billion exchanged hands. Gainers led decliners by 489 to 380 respectively.

Top gainers included Nestle (M) Bhd and Carlsberg Brewery Malaysia Bhd.


Source: The Edge

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