KUALA LUMPUR: Oil and gas stocks rode the higher crude oil prices and set the tone for Bursa Malaysia on Monday, which was a firmer start for October.
At 9.21am, the KLCI was up 0.11 of a point or just 0.01% to 1,793.26. Turnover was 300.11 million shares valued at RM115.19mil. There were 200 gainers, 155 losers and 214 counters unchanged.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1% in early trade, led by fall in Australia, though activity is likely to be slow due to holidays in China including Hong Kong.
Japan's Nikkei gained 0.25% though the Topix , broader and better gauge of the market, was down 0.2%, Reuters reported.
The news wire reported oil prices opened firmly, with Brent hovering close its highest in nearly four years ahead of U.S. sanctions against Iran that kick in next month.
Brent crude oil futures were trading at US$83.04 per barrel at 0057 GMT, up 31 cents, or 0.4%, from their last close and near the US$83.07 level reached during the last session - the highest since November 2014.
US West Texas Intermediate (WTI) crude futures were up 23 cents, or 0.3%, at US$73.48 a barrel.
On the outlook for the KLCI, Kenanga Research said chart-wise, underlying upward trend looks to be still intact.
“However, the index is still trending below the 20-day SMA, possibly indicating some downside movement.
“Nonetheless, we expect the index to hold at support levels 1,790 (S1) and 1,765 (S2), close to its 100-day SMA, which has proven to be a fairly resilient support. Meanwhile, resistance can be found at 1,825 (R1) and 1,865 (R2),” said the research house.
Sumatec rose 0.5 sen to 3.5 sen with 42.96 million shares done, Hibiscus Petroleum added three sen to RM1.29 and Reach Energy two sen higher at 46 sen.
Petronas Dagangan gained 24 sen to RM26.50 and Serba Dinamik gained six sen sen to RM3.87.
BAT was the top gainer, up 48 sen to RM32.20, United Plantations 34 sen higher at RM27.24, HL Industries 22 sen to RM10.86, QL Resources 13 sen to RM6.96 and Top Glove 12 sen to RM10.78.
However, KL Kepong fell 36 sen to RM24.60, KESM 20 sen to RM16.80 and Gamuda nine sen to RM3.27, Astino7.5 sen to 77.5 sen and Comfort five sen to 95 sen.
Already a subscriber? Log in.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!