KLCI mounts another challenge to 1,400

  • Markets
  • Friday, 15 May 2020

KUALA LUMPUR: The FBM KLCI mounted another challenge to the 1,400-point mark on Friday after yesterday's rally ended on a flattish note.

At 12.30pm, the index was 6.82 points higher at 1,404.07. The domestic market was seen performing positively amid heavy trading in small-cap counters. Trading volumes remained elevated with 5.14 billion shares exchanging hands in the morning, valued at RM1.97bil.

Top performers on the KLCI included Tenaga rising 24 sen to RM12.40, Petronas Chemicals adding 13 sen to Rm5.53 and MISC jumping 20 sen to RM8.

The rally on the domestic market came at odds with the global sentiment as key world markets were seen falling on expectations of the coronavirus having a prolonged impact on demand, while US and Chinese relations were seen deteriorating.

However, data showing an improvement in China's industrial ecnomy in April helped to recover the losses in Asian markets. China's benchmark index was up 0.2% at noon, after spending some time in the red earlier in the day. Japan's Nikkei also reversed course to advance 0.25%.

Oil-and-gas-related counters were back in focus after data showed an increased demand for crude from China amid the easing lockdown. Oi prices rose with Brent gaining 43 cents to US$31.56 a barrel and WTI crude rising 18 cents to US$27.76 a barrel.

KNM, the top traded stock of the day, was up three sen to 18 while Velsto gained 0.5 sen to 14 sen and Hibiscus Petroleum gained 2.5 sen to 54 sen.

DGB also saw heavy trading and ended the early session unchanged at 2.5 sen, while MSM climbed 11 sen to 68.5 sen.

The ringgit was little changed against major currencies on Friday. It slipped 0.1% against the US dollar at 4.3430 and 0.1% against the Singapore dollar at 3.0496. It was unchanged against the pound sterling at 5.3045.
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