KUALA LUMPUR: Sapura Energy
shares rallied to a more than five week high on Wednesday as retail investors chased up the stock after its partners had taken the final investment decision to develop the gas fields off Sarawak.
Trading volume on Bursa Malaysia rose to 4.65 billion shares, with Sapura Energy accounting for 607 million shares, closing up 11 sen to 64.5 sen – the highest since March 2.
The FBM KLCI closed up 8.91 points or 0.48% to 1,869.89. The total value of shares was RM3.21bil. The broader market was firm with 736 gainers, 322 losers and 350 counters unchanged.
Overall market sentiment was positive, with firm buying interest in tech and chip stocks and banks, continuing from the strong gains on Tuesday.
However, the ringgit lost ground against several key currencies, sliding 0.14% against the US dollar to 3.8745 while it was down 0.36% to the pound sterling at 5.4983. It fell 0.57% against the euro to 4.7937 and gave up 0.26% to the Singapore dollar at 2.9586.
On the external front, China stocks ended higher on Wednesday as the market welcomed Beijing's pledge to further open the country's financial sector to foreign investors, and as worries about a trade war with the United States showed signs of easing, Reuters reported.
The blue-chip CSI300 index rose 0.3% while the Shanghai Composite Index gained 0.6%.
Hong Kong stocks rose for the fourth session , as China's pledge to open its financial sector further gave additional relief to investors after President Xi Jinping's commitment to reform on Tuesday eased fears of a Sino-US trade war.
The Hang Seng index rose 0.6%, to 30,897.71, while the China Enterprises Index was unchanged at 12,324.68.
At Bursa, UMW Oil and Gas added two sen to 29.5 sen with 201.22 million shares done as analysts turned positive on the counter.
Among the tech and chip stocks, KESM rose 44 sen to RM17.46, Globetronics 31 sen higher at RM4.78 and Vitrox 27 sen higher at RM5.73. SAM Eningeering gained 29 sen to RM6.40. However, profit taking saw Unisem falling 11 sen toRM2.62.
UMW Holdings lost 26 sen to RM6.18 as its takeover of Perodua was not in favour by the Japanese principals. MBM Resources lost five sen to RM2.45.
CIMB rose 16 sen to RM7.20 and pushed the KLCI up 2.65 points while Maybank added 12 sen to RM10.60, Ambank six sen to RM3.98 while Hong Leong Bank and RHB Bank gained four sen each to RM18.72 and RM5.29 but Public Bank was flat at RM23.96.
Astro was the surprise gainer amog the KLCI stocks, surging 26 sen to RM2.04 and adding 2.44 points to the index.
US light crude oil rose 13 cents to US$65.64 and Brent fell two cents to US$71.02. Petron added 27 sen to RM8.91, Petronas Chemical six sen higher at RM8.51, Petronas Daganagan was flat at RM25.36 while Petronas Gas lost 10 sen to RM18.
Crude palm oil for third month delivery fell RM6 to RM2,472 per tonne. KL Kepong lost 10 sen to RM25.48, PPB Group six sen lower at RM18.48 while IOI Corp edged up one sen to RM4.75.
Profit taking saw Sime Plantations falling 17 sen to RM5.63 and erasing 2.08 points from the KLCI while Sime Property shed three sen to RM1.42. Sime Darby rose seven sen to RM2.81.
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