KUALA LUMPUR: Blue chips pared their early losses on Wednesday to rebound, with the FBM KLCI gaining nearly three points, underpinned by gains in Petronas Gas as crude oil prices climbed.
At 9.45am, the KLCI was up 2.77 points or 0.17% to 1,628.61. Turnover was 425.29 million shares valued at RM258.41mil. There were 178 gainers, 251 losers and 244 counters unchanged.
The ringgit also climbed after falling against most of the major currencies on Tuesday. It rose 0.08% to 4.1195 from 4.1230. Year-to-date, it is up 4.22%.
Foreign funds have been net sellers on Bursa Malaysia in recent weeks, with net selling on Tuesday rising to RM318.5mil but local institutions were net buyers at RM311.6mil and local retailers at RM6.9mil.
Asian shares gained on Wednesday, taking cues from sharp gains in European and U.S. financial shares while the dollar was underpinned as investors count on the U.S. Federal Reserve to hike U.S. interest rates in coming months, Reuters reported.
Oil futures rose on Wednesday after US industry data suggested a larger-than-expected drawdown in crude inventories last week, although a stronger US dollar curbed gains.
US crude futures had climbed 56 cents to US$49.18 a barrel after ending the previous session up 54 cents. Brent futures rose 50 cents to US$49.11 a barrel, having closed 26 cents up previously to snap a four-day slide.
At Bursa Malaysia, Petronas Gas was the top gainer, up 38 sen to RM21.56. KL Kepong advanced 30 sen to RM23.30.
Among the consumer stocks, BAT added 36 sen to RM50.16 while Dutch Lady
rose 28 sen to RM55.78 and F&N advanced 14 sen to RM23.58.
Ajiya jumped 23 sen to RM3.43 with 103,300 shares done.
AirAsia X and its warrants were flat at 40 sen and 31 sen in very active trade. CIMB Research ups AirAsia X target price from 15 sen to 17 but was cautious on outlook. This was also sharply lower than the last traded price of 40 sen.
Petron Malaysia was the top loser, down 74 sen to RM4.49.
Boustead fell 17 sen to RM2.92 and the ordinary rights shares lost more than half the value, down 27.5 sen to 26.5 sen in active trade.
Genting Bhd fell 17 sen to RM8.30 in active trade also.
Ajinomoto’s surge in its share price came to a halt on rising profit taking which saw it skidding 78 sen to RM12.50.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
