KUALA LUMPUR: Bursa Malaysia started Tuesday on a hopeful note as gains in Telekom Malaysia and HLFG helped power the FBM KLCI higher as investor sentiment firmed up after the strong overnight close on Wall Street.
At 9.52am, the KLCI was up 8.74 points or 0.56% to 1,582.07. Turnover was 2.01 billion shares valued at RM995.43mil. There were 473 gainers, 335 losers and 390 counters unchanged.
Overnight on Wall Street, Reuters reported the Dow Jones Industrial Average rose 237.52 points, or 0.76%, to 31,385.76, the S&P 500 gained 28.76 points, or 0.74%, to 3,915.59 and the Nasdaq Composite added 131.35 points, or 0.95%, to 13,987.64.
Oil prices rose 2% to their highest in over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for US economic stimulus.
At Bursa on Monday, foreign funds were net sellers at RM107.2mil and local institutions at RM15.9mil but local retail investors were net buyers at RM123.1mil.
Rakuten Trade, commenting on Monday’s performance, said investors’ sentiment remained fragile as investors maintained their short-term mode.
“Nonetheless, we are still adamant that the index will reverse its downtrend to test the 1,580/90 range as buying interests on rubber gloves could be back following days of selling down.
“We expect oil and gas stocks to stay upbeat as Brent crude finally breached the US$60 a barrel mark to close at US$60.50 which is more than a year high, ” it said.
At Bursa, Telekom rose 26 sen to RM6.76 with 1.76 million shares done while HLFG added 52 sen to RM17.28.
MPI was the top gainer, up 62 sen to RM36.76 but Vitrox fell 26 sen to RM17.04, KESM 16 sen to RM16.22 and Unisem 14 sen to RM8.54.
PLS Plantations jumped 23 sen to RM1.33, Hengyuan 19 sen to RM6.02 and Kelington Group 16 sen to RM2.48.
Among the consumer stocks, Nestle fell 40 sen to RM136.90 and Heineken 20 sen to RM23.50 but Ajinomoto added 16 sen to RM15.84
Other decliners were Woodlander, which fell 19.5 sen to 81.5 sen, SKB Shutters 19 sen to 86 sen and See Hup 17 sen lower at RM1.65.