Bursa climbs, benefits from volume surge at 1.72b units


KUALA LUMPUR: Traders and punters were very active in early Monday trade as trading volume surged to 1.72 billion units in about 16 minutes of trade, focusing on oil and gas penny stocks.

This could see trading volume break fast the 9.79 billion units for the entire day on May 13 with surge in trading activities in Bumi Armada, Icon Offshore, Velesto, Hibiscus, KNM and Alam Maritim.

At 9.16am, the FBM KLCI was up 4.46 points or 0.32% to 1,407.90. Turnover was 1.72 billion shares valued at RM503.75mil. There were 355 gainers, 171 losers 272 counters unchanged.

The jump in oil prices attracted strong interest in the penny energy stocks.

Reuters reported oil prices jumped by more than $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading.

Brent crude climbed $1.34, or 4.1%, to $33.84 a barrel by 1244 GMT, after touching a high since April 13. U.S. West Texas Intermediate crude was up $1.40, or 4.8%, at $30.83 a barrel, the highest in nine weeks or since March 16.

Armada was the most active, surging 5.5 sen to 25 sen with 175.84 million shares done, Icon added 3.5 sen to 11 sen, Velesto two sen to 16 sen, Hibiscus 5.5 sen to 63.5 sen, KNM three sen to 21 sen while Alam gained 1.5 sen to 9.5 sen and Sapuran energy one sen to 10 sen.

Hengyuan and Yinson added 15 sen each to RM4.08 and RM5.40 while Petron and Petronas Chemicals gained 13 sen to RM4.77 and RM5.69.

Supermax added 11 sen to RM4.08 but Kossan fell the most, down 22 sen to RM7.46, Top Glove 12 sen to RM10.26, Rubberex and Comfort nine sen each to RM1.91 and RM2.22.

IHH Healthcare lost 14 sen to RM5.35.

Bloomberg reported US stock futures advanced, while Asian equity benchmarks were mixed and the yen ticked lower as investors weighed encouraging signs of businesses reopening across major economies against more data showing the severity of the pandemic’s impact.

Futures on the S&P 500 rose 0.8% as of 9:58am. in Tokyo. The S&P 500 rose 0.4% on Friday. Japan’s Topix Index slid 0.1%; Australia’s S&P/ASX 200 Index rose 1% but Kospi Index lost 0.2%.

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record volume , Bursa , penny stocks , oil and gas

   

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