Petronas Chemicals leads market rally to 1,550

  • Markets
  • Thursday, 04 Jun 2020

KUALA LUMPUR: The FBM KLCI ended the morning session at 1,550 points as the risk appetite continued to grow amid improving investor sentiment.

Emerging markets have been on a tear over recent days. The Philippines Exchange leapt 3.7% on Thursday while Thailand's SET Index rose 1.5% and Jakarta's Composite Index was 0.85% higher.

More developed Asian markets were relatively subdued with Japan's Nikkei rising 0.1% and South Korea's Kospi down 0.1%.

China's markets were under pressure on the 31st anniversary of the Tiananmen Square protests as the city of Hong Kong braced for more clashes between police and civil rights activists. The Shanghai Composite Index was 0.2% lower while Hong Kong's Hang Seng fell 0.1%.

In Malaysia, heavyweight counters have been on a tear of late with gains recorded across most stocks linked to the 30-stock benchmark index.

At 12.30pm, the FBM KLCI was up 12.2 points to 1,550.73. Trading volume was 4.58 billion shares valued at RM3.04bil.

The biggest jump came from Petronas Chemicals, which added 43 sen to RM6.96. Maybank was also seen putting on weight with a 10 sen advance to RM8.08 while IHH rose 11 sen to RM5.61.

Meanwhile Top Glove returned to a positive performance, lifting 22 sen to RM14.92, while Hartalega gained 40 sen to RM11.62.

Actively traded stocks included AT up two sen to 10 sen, Sapura Energy rising 0.5 sen to 10.5 sen and Jag gaining one sen to nine sen.

AirAsia ended the morning session as the fourth most-actively traded counter, up 1.5 sen to 84 sen, amid news reports that the airline was planning a 10% private placement to South Korea's SK Corp at RM1 a share.

Crude oil prices slipped on news that Saudi Arabia and Russia have failed to set a date to discuss production cuts, raising fears that supply will continue to outpace demand. Brent had risen past US$40 in the previous session on optimism that a deal was in the pipeline.

US crude was down 72 cent sto US$36.57 a barrel and Brent crude dropped 56 cents to US$39.23 a barrel.

On the forex market, the ringgit slipped 0.3% against the US dollar to 4.2765 but was flat against the pound sterling at 5.3631 and singapore dollar at 3.0521.
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Bursa Malaysia , FBM KLCI , crude oil , equities , ringgit


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