KUALA LUMPUR, Sept 7 (Bernama) -- Bursa Malaysia traded higher on Monday, supported by renewed buying interest in selected banking and telecommunications heavyweights, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.69 points, or 0.39 per cent, to 1,714.79, compared with Friday’s close of 1,708.10. The benchmark index opened 1.60 points higher at 1,709.70 and fluctuated between 1,708.26 and 1,715.29 throughout the trading session. The broader market, however, was negative with losers outpacing gainers 611 to 488, while 580 counters were unchanged, 1,109 untraded and 25 suspended. Turnover declined to 3.60 billion units valued at RM2.45 billion from 4.33 billion units valued at RM2.98 billion on Friday.
KUALA LUMPUR (Nov 6): The FBM KLCI rose 1.36 points or 0.1%, supported by blue-chip counters including MISC Bhd. Crude oil gains directed the spotlight on Bursa Malaysia's oil and gas-related stocks.
At 5pm, the KLCI closed at 1,742.29 points. MISC added 30 sen to RM7.41 to become Bursa Malaysia's fifth-largest gainer.
MISC shares rose after the shipping company declared a tax-free dividend of seven sen a share. MISC declared its dividend on Friday in conjunction with the announcement of its third quarter results.
Across Bursa Malaysia today, three billion shares worth RM2.08 billion were traded. Despite KLCI's gain, there were more decliners than gainers — 429 versus 401 respectively.
Top gainers included oil and gas-related companies Hengyuan Refining Co Bhd and Petron Malaysia Refining & Marketing Bhd.
Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that "Hengyuan and Petron have benefited from rising oil prices”.
Reuters reported that oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.
Brent futures, the international benchmark for oil prices, hit US$62.44 per barrel early on Monday, their highest level since July 2015.
Source: The Edge
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