Petronas Chemicals leads KLCI’s rebound

KUALA LUMPUR: Petronas Chemicals underpinned the FBM KLCI’s rebound early Wednesday after its strong fourth quarter earnings and also firm crude oil prices.

At 9.12am, the KLCI was up 10.50 points or 0.67% to 1,575.55. Turnover was 1.47 billion shares valued at RM430.21mil. There were 322 gainers, 296 losers and 355 counters unchanged.

Asian equities opened lower on concerns about rising interest rates and rich equity valuations and following a downdraft in US and European overnight trading, Reuters reported.

The Dow and S&P 500 recouped early losses after Federal Reserve Chair Jerome Powell reiterated in testimony before the Senate Banking Committee that monetary policy would remain accommodative and would not change without advance warning.

Brent crude futures rose 13 cents to settle at $65.37 a barrel, while U.S. crude futures fell 3 cents to settle at $61.67 a barrel. Brent and U.S. crude rose in after-hours trade.

At Bursa on Tuesday, local retail investors were net buyers at RM167.1mil but this was offset by foreign selling at RM137.8mil and local funds at RM29.3mil.

Petronas Chemicals rose 20 sen to RM7.70. Nestle added 70 sen to RM136, Takaful 22 sen to RM4.58, Alcom 19 sen to 75 sen, KL Kepong 18 sen to RM23.40.

Khind and Tasco rose 18 sen eachto RM3.98 and RM4.48 while AYS surged 10.5 sen to 39 sen in active trade.

Frontken’s strong earnings and its bonus issue saw it adding 12 sen to RM5.44 but MPI fell 32 sen to RM36.06, UWC 10 sen to RM6.50 while MI and Genetex shed nine sen each to RM4.54 and RM5.63. SAM Engineering lost 23 sen to RM7.20.

As for refiners, Hengyuan fell 13 sen to RM5.79 and Petron 10 sen to RM5.

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