KUALA LUMPUR: Blue chips managed to recoup part of the previous day’s losses early Thursday on some fund buying of key stocks including Petronas Gas as crude oil prices continue to climb.
At 9.26am, the FBM KLCI was up 2.14 points or 0.12% to 1,788.21. Turnover was 281.67 million shares valued at RM110.45mil. There were 222 gainers, 129 losers and 260 counters unchanged.
Asian stocks edged down on Thursday, consolidating after touching their highest in a decade, while the dollar held steady before the US inflation report for August is published, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1% after rising to its highest since 2007 the day before. Japan's Nikkei was effectively flat following its climb to a one-month high on Wednesday.
Hong Leong Investment Bank (HLIB) Research said stocks on the local bourse could trend gradually higher and revisit the 1,795-1,800 levels with the help of stronger crude oil prices after EIA reading suggested a biggest weekly drop in gasoline stockpile and the International Energy Agency (IEA) revised 2017 demand outlook higher by 1.7% to 1.6 million barrel per day.
“Nevertheless, small caps and lower liners may face profit taking activities after an overheated trading interest recently,” it said.
Oil prices on Thursday held most of their gains of around 2% from the previous session, buoyed after the (IEA) raised its forecast for growth in global oil demand, Reuters reported.
London Brent crude for November delivery was down 11 cents at US$55.05 a barrel by 0035 GMT, after settling Wednesday up 89 cents. Nymex crude for October delivery was down 4 cents at US$49.26, after ending the last session up US$1.07.
Petronas Gas rose 12 sen to RM18.78. Refiner Hengyuan added 12 sen to RM8 and Petron nine sen to RM9.99.
Burn-in tester for chips, KESM rose the most, up 22 sen to RM15.44 but Globetronics fell for the second day, down 23 sen to RM6.11 after it was downgraded. Unisem lost six sen to RM4.
Plantation company Far East added 22 sen to RM9.32 and NSOP 10 sen to RM4. However, KL Kepong fell 18 sen to RM24.64 with 100 shares done, Genting Plantations and PPB Group lost 12 sen each to RM10.52and RM16.72 and Innoprise fell five sen to RM1.22.
TRIplc fell seven sen to RM1.98, giving up most of the previous day’s gains.
Masteel rose nine sen to RM1.65 in active trade and Hartalega
added eight sen to RM6.47.
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