KUALA LUMPUR, July 14 (Bernama) -- Bursa Malaysia extended its rally to close more than one per cent higher on Tuesday, lifted by strong buying interest in oil and gas as well as banking counters as investors positioned for potentially firmer energy prices following renewed hostilities between the United States and Iran. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) surged 21.50 points, or 1.26 per cent, to close at its intraday high of 1,719.94 from Monday’s close of 1,698.44. The benchmark index opened 1.25 points higher at 1,699.69, and slid to its intraday low of 1,698.21 in the early session. On the broader market, losers led gainers 548 to 538, while 585 counters were unchanged, 1,031 untraded, and 22 suspended. Turnover expanded to 3.52 billion units valued at RM2.75 billion from 3.09 billion units valued at RM2.23 billion on Monday.
KUALA LUMPUR (May 15): The FBM KLCI today closed 6.19 points or 0.44% higher as global crude oil price gains offered an impetus to Bursa Malaysia's oil and gas (O&G)-related shares' price and volume rises, which propelled securities trade across the bourse above nine billion units again.
At 5pm, the KLCI closed at 1,403.44 points, while volume across Bursa rose to 9.23 billion securities worth RM3.87 billion as O&G-related companies' share prices rose among the top gainers and most active stocks.
KNM Group Bhd and Hibiscus Petroleum Bhd topped the most active list, while Petronas Gas Bhd (PetGas) and MISC Bhd ended among the top gainers after oil prices jumped more than 3% today, touching more than one-month highs amid signs that demand for crude was picking up with China reporting increased refinery runs, rounding out a week of bullish news on the supply front.
"Brent crude was up US$1.21, or 3.9%, at US$32.34 (RM140.71) a barrel by 0707 GMT after touching US$32.44, the highest since April 14. Brent rose nearly 7% yesterday and is heading for a 3% gain for the week after rising the previous two weeks.
"West Texas Intermediate (WTI) oil was up 92 cents, or 3.3%, at
US$28.48 a barrel after reaching US$28.54, the highest since early
April. WTI jumped 9% in the previous session and is also heading for a
third weekly increase, up about 15%,” Reuters reported.
In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that "higher oil prices offered impetus for Petronas stocks”.
Top active stock KNM ended with a volume of some 673 million shares. The stock’s price closed up three sen or 20% at 18 sen.
PetGas’ share price rose 24 sen or 1.6% to RM15.28.
Across Bursa today, volume rose to 9.23 billion securities from 7.01 billion units yesterday. On Wednesday, trade volume across Bursa closed higher at an all-time high of 9.59 billion units as the spectre of a resurgence of the Covid-19 outbreak dictated world stock market sentiment.
Today, Wan said “everything is very fluid at this point”, depending on how the pandemic pans out.
Source: The Edge
In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that "higher oil prices offered impetus for Petronas stocks”.
Top active stock KNM ended with a volume of some 673 million shares. The stock’s price closed up three sen or 20% at 18 sen.
PetGas’ share price rose 24 sen or 1.6% to RM15.28.
Across Bursa today, volume rose to 9.23 billion securities from 7.01 billion units yesterday. On Wednesday, trade volume across Bursa closed higher at an all-time high of 9.59 billion units as the spectre of a resurgence of the Covid-19 outbreak dictated world stock market sentiment.
Today, Wan said “everything is very fluid at this point”, depending on how the pandemic pans out.
Source: The Edge
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