Petronas stocks lead KLCI’s charge early Tuesday

KUALA LUMPUR: Buoyant crude oil prices galvanised investors’ risk appetite for oil and gas stocks, especially Petronas-linked counters, in line with the firm Asian markets early Tuesday.

At 9.10am, the KLCI was up 5.27 points or 0.31% to 1,717.85. Turnover was 260.96 million shares valued at nearly RM100mil, Advancers beat decliners 194 to 94 and 221 counters were unchanged.

Reuters reported US crude futures rose for a second day on Tuesday, with data showing hedge funds are betting big across oil markets following OPEC production cuts agreed last year.

US West Texas Intermediate crude was up 23 cents at US$53.63 a barrel at 0032 GMT. It gained about 29 cents, or 0.5%, on Monday. Brent futures were yet to trade, after ending the previous session up 0.7% at US$56.18 a barrel.

It also reported Asian stocks held near 1-1/2-year highs in subdued early trade on Tuesday as a holiday in the United States left investors with few catalysts, while the euro nursed overnight losses as lingering concerns about the looming French election rattled its bonds.

At Bursa Malaysia, Petronas Gas rose 40 sen to RM21.04 and Petronas Dagangan added 16 sen to RM24.40 while Petronas Chemicals added seven sen to RM7.55. LNG carrier, MISC added six sen to RM7.76.

Plantations stocks were also higher  led bby KL Kepong which rose 14 sen to RM24.62 and PPB Group added 10 sen to RM16.50. 

However, smallish Innoprise fell 21 sen to RM1.14 while IOI Corp shed seven sen to RM4.56.

Padini jumped 22 sen to RM2.80 while Hong Leong Bank was up 10 sen to RM13.56.

GHL Systems was down five sen to RM1.06. CIMB Equities Research expects GHL to see stronger growth ahead driven by continuous growth from Malaysian transaction payment acquisition (TPA) and full-year contribution from Philippines TPA.