Genting Malaysia, Genting rebound lead KLCI higher

KUALA LUMPUR: A rebound in Genting Malaysia and Genting led the FBM KLCI higher early Wednesday after the Deepavali break while key Asian markets were cautious.

At 9.22am, the KLCI was up 2.28 points or0.13% to 1,711.08. Turnover was 255.67 million shares valued at RM254.13mil. There were 169 gainers, 124 losers and 214 counters unchanged.

Wall Street stock futures and Asian shares dropped on Wednesday as early results of the US midterm elections started to trickle in, with investors bracing for the Republicans to lose their grip on Congress, Reuters reported.

Genting  Malaysia was actively traded with 26.5 million shares done, up 12 sen to RM3.73. Genting added 18 sen to RM6.92.

Petronas Chemicals advanced 21 sen to RM9.91 while Petronas Dagangan gained 14 sen to RM27.40 in thin trade.

Burn-in tester and semicon company KESM was up 22 sen to RM11.54.

Hong Leong Bank advanced 16 sen to RM20.64 but Maybank fell nine sen to RM9.29.

Oil prices fell, extending losses from the previous session, with markets well supplied amid rising production and US sanction waivers that allow Iran's biggest customers to continue buying its crude, Reuters reported.

Front-month Brent crude oil futures were at US$71.85 per barrel at 0115 GMT, down 28 cents, or 0.4%, from their last close.

US West Texas Intermediate (WTI) crude futures were at US$61.76 per barrel, down 45 cents, or 0.7%, from their last settlement.