KUALA LUMPUR: Blue chips staged a mild rebound on Thursday, recouping half of the previous day’s losses, supported by fund buying of Sime Darby and UMW amid a firmer broader market as crude oilm prices recovered.
At 10.13am, the FBM KLCI was up 5.9 points or 0.35% to 1,670.07. Turnover was 564.86 million shares done valued at RM308.63mil. There were 268 gainers, 219 loser and 272 counters unchanged.
US crude oil futures held steady in early trading on Thursday as strong demand for gasoline was offset by a new record in crude stockpiles. US light crude futures were trading at US$32.13 per barrel at 0047 GMT on Thursday, virtually unchanged from their last settlement, Reuters reported.
At Bursa Malaysia, Sime Darby rose 11 sen to RM7.75, UMW and HLFG 10 sen each to RM7 and RM14.10.
Consumer stocks were traded higher, led by a rebound in Dutch Lady which rose 48 sen to RM50.50 with 1,000 shares done. BAT added 30 sen to RM55.90 and F&N 14 sen to RM19.98.
Petronas Chemicals fell the most among the KLCI stocks, down 13 sen to RM6.92 in active trade.
Maybank Investment Bank Research said Petronas Chemical’s 4Q15 and 2015 results were in-line with its and consensus.
“High factory utilisation rates coupled with weak ringgit against the US dollar has cushioned the impact of lower product ASPs.
“There is no change to our 2016/17 earnings forecasts and we introduce 2018 forecast. Maintain Buy with an unchanged target price of RM7.80, pegged to 18 times FY16 PER, which is the industry average plus 10% premium for its strong balance sheet,” the research house said.
YNH Property lost nine sen to RM1.90 and Time dotCom was down eight sen to RM7.40.
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