KUALA LUMPUR: Petronas-linked stocks were the top gainers on Monday as crude oil prices extended their recovery, helping to nudge the FBM KLCI into the positive territory towards the close.
At 5pm, the KLCI was up five points or 0.28% to 1,768.67 after falling more than seven points last Friday. Turnover was 1.76 billion shares valued at RM1.74bil. There were 408 gainers, 404 losers and 415 counters unchanged.
The ringgit slipped against the US dollar, down 0.13% to 4.2983. However, it rose against the other key currencies, up 0.11% to the pound sterling at 5.5724, edging up 0.18% to the Singapore dollar at 3.1130 and gaining 0.12% to the euro at 4.8908.
Financial shares rose in Hong Kong on Monday, on the back of a new bond trading link between Hong Kong and China, but the overall market was largely flat as blue-chips generally underperformed and the service sector slipped, Reuters reported.
The Hang Seng Index rose 0.1% to 25,784.17 while the China Enterprises Index gained 0.5%, to 10,412.48.
China's blue-chip stocks fell in thin trading as investors were cautious at the start of the mid-year earnings season amid lingering concerns of an economic slowdown in the second half and monetary tightening, the wire reported.
The blue-chip CSI300 index fell 0.5%, to 3,650.85 points, with some industry-leading blue-chips retreating from record highs after having rallied strongly this year. The Shanghai Composite Index added 0.1% to 3,195.91.
Oil prices rose for an eighth day on Monday, their longest rally in over five years after data pointed to moderating US output, but analysts said news of rising Opec production could temper gains.
Brent crude futures were up 19 cents at US$48.96, which was an eight-day climb -- the longest unbroken rally since February 2012. US crude futures rose 23 cents to US$46.27 per barrel, following last week's 7% gain.
Petronas Chemicals rose 20 sen to Rm7.30 and pushed the KLCI up 2.72 points,Petronas Gas added 26 sen to RM18.80 and nudged the KLCI up 0.87 of a point, Petronas Dagangan added 22 sen to RM24.32. Refiners Petron Malaysia
gained 28 sen to RM7.56 and Hengyuan 16 sen up at 5.46.
CIMB fell six sen to RM6.52 and erased 0.92 of a point from the KLCI, off the early low of RM6.40 as investors had overreacted to its exposure to 7-Eleven stores in Indonesia.
AmBank recouped last Friday's losses to add 14 sen to RM5.02 as analysts expected it to benefit from the merger with RHB Bank, which added two sen to RM5.08. Maybank inched up one sen to RM9.64, Public Bank and Hong Leong Bank were flat at RM20.32 and RM15.66.
As for telcos, Maxis fell four sen to RM5.51 from a share overhang after 300 million new shares from its private placement were listed.
Telekom fell four sen to RM6.61, Axiata lost three sen to RM4.80 but Digi rose two sen to RM5.02.
Other gainers were UMW, up 33 sen to RM5.84 as its dividend-in-specie of the UMW Oil and Gas shares will be completed on July 11.
Nestle fell the most, down RM1 to RM84, MSM lost 30 sen to RM4.20 and Dutch Lady 18 sen to RM58.20.
Crude palm oil for third month delivery rose RM40 to RM2,499 per tonne. Among the plantations, IOI Corp rose three sen to RM4.48, Sime Darby one sen higher at RM9.51, Chin Tek lost 47 sen to RM7.88 while PPB Group was down 16 sen to RM17.
Prolexus ended the day down 15 sen to RM1.40 in active trade after it was downgraded amid weaker earnings.
Among the other heavyweights, IHH advanced 10 sen to RM5.85 and added 1.40 points to the KLCI, Genting Malaysia 13 sen to RM5.63, Genting Bhd rose six sen to RM9.47 but Tenaga shed two sen to RM14.12 and MAHB fell 17 sen to RM8.39.
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