KUALA LUMPUR: Fund buying of Petronas-linked stocks following a slight rebound in oil prices and Genting Bhd
enabled the FBM KLCI to close above the critical 1,700 level on Friday while key Asian markets ended on a firmer note.
At 5pm, the KLCI was up 1,701.03. Turnover was 2.48 billion shares valued at RM2.05bil. There were 472 gainers, 356 losers and 368 counters unchanged.
China stocks rose, helped by strength in banking shares, after regulators unveiled measures to help lenders replenish capital, but lingering worries over China-US trade talks and economic health capped gains, Reuters reported.
The CSI300 index rose 0.8% while the Shanghai Composite Index gained 0.4%. Japan's Nikkei 225 rose 0.97%, Hong Kong's Hang Seng Index jumped 1.65%, Singapore's STI was up 0.36%.
Oil prices rose after turmoil in Venezuela triggered concerns that its crude exports could soon be disrupted. Brent crude oil futures rose 53 cents to US$61.62 a barrel while US West Texas Intermediate (WTI) crude futures advanced 57 cents to US$53.70.
At Bursa, Petronas Chemicals gained 17 sen to RM8.69 and added 2.38 points to the KLCI, Petronas Gas added four sen to RM17.74 and Petronas Dagangan gained two sen to RM26.10. Dialog added two sen to RM3.07.
Revived investor confidence in Genting Bhd saw its share price climb 16 sen to RM6.88 and nudged the KLCI up more than a point, Genting Malaysia was flat at RM3.18. Press Metal climbed 13 sen to RM4.33 while PMetal-WC gained 46 sen to RM4.20.
Power giant Tenaga gained two sen to RM13.64, Hartalega 12 sen to RM5.74 and Top Glove six sen to RM4.98.
IHH fell 10 sen after a shareholder disposed of 60 million shares at RM5.56 each, stock market data showed.
Bumi Armada was the most active with 268 million shares done, up 0.5 sen to 23 sen. HSBC Research has a Buy recommendation with a target price of 52 sen.
Muhibbah perked up, climbing 18 sen to RM3 after securing a contract and upgraded by analysts.
As for telcos, Axiata added five sen to RM4.08, Maxis three sen to RM5.79 and Digi two sen to RM4.55.
Plantations eked out slight gains as crude palm oil for third month deliver dipped RM1 to RM2,296 per tonne.
Sime Plantation three sen to RM5.18, PPB Group and KL Kepong eight sen each to RM18.08 and RM24.70 while IOI Corp rose one sen to RM4.67.
Shipments to China; the second-biggest buyer of palm oil may surge to a six-year high in the 12 months ending September, according to state-run China National Grain and Oils Information Center.
As for banks, Maybank rose four sen to RM9.66, CIMB three sen to RM5.68, RHB Bank one sen higher at RM5.49 but HLFG lost eight sen to RM19.80, AmBank four sen to RM4.49 while Hong Leong Bank and Public Bank shed two sen each to RM20.78 and RM24.80.
The ringgit rallied against the US dollar, up 0.48% to 4.1255; advanced 0.25% to the pound sterling to 5.3904; surged 0.87% against the euro to 4.6674 and ended 0.34% higher against the Singapore unitat 3.0348.
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