KLCI pulls ahead, energy stocks in focus

KUALA LUMPUR: After a slight dip in yesterday's trading, the FBM KLCI has continued on its upward trajectory amid growing momentum in global equities.

Helping the rising optimism was Britain approving the roll-out of the Pfizer and BioNTech Covid-19 vaccine next week while New York will be expecting delivery of its first batch of vaccines on Dec 15.

At 12.30pm, the FBM KLCI was up 12.34 points to 1,611.06. Trading activity remained robust with 6.64 billion shares exchanging hands for RM3.18bil.

Oil and gas stocks were seen pulling ahead following a rise in oil prices in the previous session.

"The energy sector is poised for a recovery after crude oil prices snapped a three-day pullback amid the unexpected decline in US inventory ahead of the Opec meeting today," said Malacca Securities Research.

Refiner Hengyuan continued its week's rally with a 27 sen jump to RM4.55.

Meanwhile, Hibiscus Petroleum edged one sen higher to 62 sen while Bumi Armada added 1.5 sen to 33.5 sen and Sapura Energy was up 0.5 sen to 12 sen

Among the heavyweights, the banks continued to pile on weight with PUblic Bank adding 14 sen to RM18.08, Hong Leong Bank climbing 16 sen to RM18.28 and Maybank rising two sen to RM8.29.

Top Glove firmed up after two consecutive days of losses, rebounding 10 sne to RM6.78 while Hartalega put on 20 sen to RM14.56.

Meanwhile, key Asian markets kept mostly flat as investors digest recent gains.

Japan's Nikkei and China's Composite Index were both 0.1% lower while South Korea's Kospi was flat. Hong Kong's Hang Seng was 0.5% in the red.

In Australia, the benchmark index rose 0.5%.
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Bursa Malaysia , FBM KLCI , equities


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