KLCI up 5pts early Monday as Brexit fears ease

KUALA LUMPUR: Bursa Malaysia joined key Asian markets to ride on the positive expectations that Britain would likely stay in the EU at its Thursday referendum and the ringgit advanced against the US dollar as crude oil prices rose.

At 9.39am, it was up 5.23 points or 0.32% to 1,629.41. Turnover was 153.05 million shares valued at RM85.93mil. There were 175 gainers, 127 losers and 215 counters unchanged.

The ringgit opened higher against the US dollar  propped up by stronger global oil prices amid returning interest to emerging markets, Bernama reported. It was at 4.0750/0810 against the US dollar from Friday's close of 4.0970/0030.

Reuters reported Asian stocks gained as rising expectations of Britain voting to remain in the EU lifted risk sentiment and the pound jumped against its peers. 

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4%. Japan's Nikkei climbed 1.5%, helped by a retreat in the recently bullish yen. Australian stocks added 0.3% and South Korea's Kospi rose 1%.

Oil gained for a second day above US$48 a barrel as the dollar retreated, boosting the appeal of commodities priced in the US currency.  US light crude for July delivery, which expires Tuesday, rose as much as 51 cents to US$48.49 a barrel. Brent for August settlement climbed as much as 41 cents, or 0.8%, to US$49.58 a barrel, Bloomberg reported.

At Bursa Malaysia, Petronas Gas rose 48 sen to RM21.92 and Petronas Dagangan added 18 sen to RM23.50. SapuraKencana was flat at RM1.41 while Bumi Armada edged up 0.5 sen to 70.5 sen.

BAT was the top gainer, up 80 sen to RM51.50 in rising volume.

Among the plantations, Kim Loong rose 10 sen to RM3.49 and TSH Resources nine sen to RM1.97.

As for property companies, SP Setia was the top gainer, up 10 sen to RM3.20.

Johore Tin gained 12 sen to RM2.16 in active trade.

MAHB was down 12 sen to RM6.39 while UMW lost 11 sen to RM5.42 and MISC 10 sen to RM7.35.