KUALA LUMPUR: Bursa Malaysia kicked off February on a firm note, lifted by gains in banks, Petronas stocks and gloves following the strong overnight close on Wall Street.
At 9.20am on Tuesday, the KLCI was up 16.92 points or 1.08% to 1,583.32. Turnover was 1.09 billion shares valued at RM678.24mil. There were 343 gainers, 321 losers and 400 counters unchanged.
Bloomberg reported Asian stocks opened higher after US shares had their biggest rally in about 10 weeks as concerns eased that the recent onslaught of speculative buying will derail the equity bull market.
Equities climbed in Japan, Australia and South Korea. S&P 500 futures were little changed after the gauge rebounded from last week’s selloff in a broad-based advance led by technology and retail companies.
At Bursa last week, foreign funds remained net sellers at RM534.8mil and were joined in by local institutions at RM56.3mil but local retailers were net buyers at RM591.1mil.
On the outlook for Tuesday, Rakuten Trade expects some rebound after a frenzied session last Friday as the index ended at 1,566 after having nearly touched the 1,600 mark during early session.
“We would expect investors to bargain hunt on a broader basis today thus the FBM KLCI is seen to possibly test the 1,575 level today.“Meanwhile the crude palm oil remains rather solid with prices rebounded to almost the RM4,000 a tonne again, ” it said.
Overnight, Brent crude settled up US$1.31 cents, or 2.4%, at $56.35 a barrel. US crude gained $1.35 cents, or 2.6%, to settle at $53.55. Both benchmarks gained nearly 8% in January.
The stronger crude oil prices saw Petronas Dagangan jump 90 sen to RM20.26 and Petronas Gas 22 sen to RM16.26.Maybank added 18 sen to RM7.99 and Hong Leong Bank 18 sen also to RM17.44.
As for gloves, Hartalega added 18 sen to RM13.04 and Top Glove 14 sen to RM6.88.
Other gainers were See Hup, which hit limit-up, jumping 37 sen to RM1.62, KESM gained 22 sen to RM16.64 and Tasco 18 sen to RM4.29.
Toyo Ventures fell the most, down 17 sen to RM2.63 after a strong run-up in its share price. Time dotCom lost 12 sen to RM13.78, Insas 11 sen to 88.5 sen.
PLS Plantations, which rallied after the entry of a former banker, slipped nine sen to RM1.11. Elevator maintenance company EITA lost nine sen also to RM1.15.