Public Bank, Telekom and Genting drive KLCI rebound

KUALA LUMPUR: The overnight jump in crude oil prices provided the much needed impetus for key Asian markets including Bursa Malaysia, with Public Bank, Telekom Malaysia and Genting Bhd underpinning the early Wednesday gains.

At 9.21am, the KLCI was up 8.82 points or 0.51% to 1,723.82. Turnover was 259.32 million shares valued at RM108.32mil. There were 252 gainers and 121 losers.

Asian share markets rallied on Wednesday as a revival in risk appetite knocked back the yen and oil ran into only modest profit-taking after reaching a major chart milestone that augured well for further gains ahead, Reuters reported.

Japan's Nikkei led the bounce with a rise of 1.6% to reach its highest in eight sessions. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5% and Australia gained 0.9%.

However, crude oil prices slipped on some profit taking. Brent crude fell 37 cents to US$44.32 a barrel as of 0037 GMT, after hitting a four-month high in the previous session, when it settled up US$1.86, or 4.3%. US crude dropped 46 cents to US$41.71 a barrel after settling up US$1.81, or 4.48%, the day before, Reuters said.

At Bursa Malaysia, Public Bank rose 10 sen to RM19.24, UMW nine sen to RM6.85, Telekom and Genting seven sen each to RM6.77 and RM9.24.

As for consumer stocks, BAT rose 28 sen to RM55.40 and GAB added 24 sen to RM14.06.

Among plantations, PPB Group rose 16 sen to RM16.54 and KL Kepong 12 sen to RM23.98. 

Ann Joo advanced eight sen to RM1.24 and GDex seven sen higher to RM1.62.

Bumi Armada, which hit a fresh low on Tuesday, rose two sen to 73.5 sen in active trade. Its share price had been hammered by the cancellation of a large contract due to the slump in crude oil prices but the company has sought legal action.

Petron fell 11 sen to RM5.30, Scientex eight sen to  RM13.52 and ML Global warrants lost 7.5 sen to 25 sen.