KUALA LUMPUR: Fund buying of Genting Malaysia and Petronas-linked stocks gave the FBM KLCI an early lift on Wednesday, as investors took their cue from the firmer key Asian markets and jump in crude oil prices.
At 9.06am, the KLCI was up 2.55 points or 0.15% to 1,658.22. Turnover was 161.37 million shares valued at RM77.87mil. There were 190 gainers, 62 losers and 193 counters unchanged.
Asian shares nudged higher amid hints of progress in the US-China trade saga, while the dollar hit two-month highs on the euro as investors wagered on a dovish outcome from the European Central Bank's coming policy meeting.
Japan's Nikkei added 0.4% in early trade, while Australian stocks rose 0.6%. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.04%.
Oil prices rose after an industry group reported a much bigger than expected drop in US inventories, while the US Navy said it may have downed a second Iranian drone last week.
Brent crude futures were up 24 cents, or 0.4%, at US$64.07 a barrel by 0049 GMT, after rising nearly 1% on Tuesday. US West Texas Intermediate crude rose 22 cents, or 0.4%, a barrel, having risen about 1% in the previous session.
At Bursa, Petronas Dagangan rose 16 sen to RM24.44 and Petronas Gas 10 sen higher at RM16.70 but Petronas Chemical shed four sen to RM7.65 after a recent downgrade.
MMHE rose eight sen to 95 sen in active trade after securing fresh projects while Yinson
added seven sen to RM7.07.
GentingM extended its gains, rising 18 sen to RM3.63. Telekom and DRB-Hicom were up five sen each to RM4.62 and RM2.55.
MBM Resources continued to attract strong interest, climbing eight sen to RM3.32 as investors expected the new board to drive the auto parts maker’s growth further.
Hong Leong Bank fell eight sen to RM18.24 and Public Bank six sen lower at RM22.74.
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