Banks resume lift in early trade

KUALA LUMPUR: A positive performance on Wall Street overnight gave Asian stocks a running start at Thursday's open.

Fears eased this week over the severity of the trade war with fiscal policies and stimulus packages in both the US and China seen to cushion the fallout. 

At 9.05am, The FBM KLCI rose 4.38 points to 1,805.09. Total volume was 87.89 million valued at RM53.71mil.

There were 125 gainers versus 68 decliners and 158 counters unchanged.

Among actively traded stocks, VC rose 0.5 sen to 8.5 sen, Reach Energy gained 0.5 sen to 40 sen and Hibiscus added one sen to RM1.02.

On the FBM KLCI, banks continued their rise for the second session as higher global interest rates spurred interest.

Hong Leong Bank gained 28 sen to RM20.94, CIMB added three sen to RM6.15 and MayBank edged up one sen to RM9.77

Top gainers included BAT rising 32 sen to RM33.22, Petronas Dagangan gaining 10 sen to RM26.50 and Kossan climbing 11 sen to RM4.40.

Stocks that slid were MAHB falling seven sen to RM9, Edgenta dipping three sen to RM2.64 and Suerlon falling three sen to RM 1.26

US oil prices extended gains on Thursday amid another drawdown in US crude inventories and strong local gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also buoyed markets, Reuters reported.

US West Texas Intermediate crude for October delivery was up 31 cents at US$71.43 a barrel. 

Front-month London Brent crude for November delivery was down 2 cents at US$79.38.