KUALA LUMPUR: Lower liners oil and gas stocks rose in active trade on Thursday, riding on the gains in oil futures after a surprise move by OPEC to curb crude output.
At 10am, the KLCI was up 2.88 points or 0.17% to 1,667.84. Turnover was 525.39 million shares valued at RM260.48mil. There were 289 gainers, 192 losers and 286 counters unchanged.
The Organization of the Petroleum Exporting Countries agreed to limit its production to a range of 32.5 million to 33.0 million barrels per day (bpd) in talks held on the sidelines of an energy conference in Algeria, Reuters reported.
US light crude had risen 28 cents to $47.33 a barrel by 0020 GMT, after closing the previous session up US$2.38, or 5.3%. Brent crude climbed 31 cents to US$49 a barrel, having settled up US$2.72, or 5.9%.
At Bursa Malaysia, Borneo Oil
, which is involved in oil and gas and also gold mining, climbed 0.5 sen to 18.5 sen and it was the most active with 46.5 million shares done.
Sumatec also added 0.5 sen to nine sen, Bumi Armada 2.5 sen higher at 71.5 sen while Perisai Petroleum rose 0.5 sen to 14.5 sen. KNM added one sen to 42 sen.
SapuraKencana rose eight sen to RM1.58 while the call warrants, C25 rose 1.5 sen to 7.5 sen.
As for consumer stocks, BAT added 40 sen to RM49.52 with 2,100 shares done while F&N advanced eight sen to RM24.26.
Hong Leong Bank was the top gainer, up 10 sen to RM13.20 but Public Bank shed six sen to RM19.88.
Poultry company Lay Hong added 10 sen to RM10.
Genting Plantations fell the most, down 12 sen to RM10.76.
Pos Malaysia gave up some of the previous day’s gains, dipping five sen to RM3.90.
Glove makers Top Glove fell 11 sen to RM4.96 and Kossan lost nine sen to RM6.80.
On the technical outlook for the KLCI, Kenanga Investment Bank Research said on the chart, the KLCI is still hovering sideways above its 1,662 (S1) support level.
“We observe that a ‘death cross’ has been formed by the 20-day and 50-day SMA trend lines, painting a more uninspiring outlook ahead.
“With the lack of fresh catalyst domestically as well as absence of any buy signal technically, the local bourse could be poised for further consolidation on a volatile fashion within 1,662-1,680 level this week. Overhead resistance are found at 1,680 (R1) and 1,691 (R2), while downside support are capped at 1,662 (S1) followed by 1,650 (S2),” it said.
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