Rally lifts Sapura Energy, UMW Oil Gas, Bursa trading volume surges to 2b shares

UOB Kay Hian Research kept a

KUALA LUMPUR: The rally on Bursa Malaysia, which was playing catch-up with other key markets, saw trading volume surging to more than two billion shares in mid-morning trade on Friday.

Also riding the positive sentiment and advance in crude oil prices were Sapura Energy and UMW Oil and Gas.

At 10.44am, the FBM KLCI was up 10.27 points or 0.57% to 1,813.72. Turnover was 2.17 billion shares valued at RM986.97mil. There were 576 gainers, 270 losers and 352 counters unchanged.

Oil prices held firm on Friday, with Brent crude up by more than 10% percent from its December lows on the back of political tensions in OPEC-member Iran and a tightening US market, Reuters reported.

US West Texas Intermediate (WTI) crude futures were at US$61.95 a barrel, not far off the US$62.21 May 2015 high reached the previous day. 

Brent crude futures were at US$68.03 a barrel, but not far off the US$68.27 high from the day before, also the highest since May 2015.
 
Sapura Energy, which was recently battered by investors over its weak results, rose five sen to 76.5 sen. There were 141.20 million shares done.

UMW Oil and Gas added 1.5 sen to 38 sen with 78.52 million shares traded.