Crude oil price surge pushes FBM KLCI above 1,600

KUALA LUMPUR: Higher crude oil prices lifted sentiment on Bursa Malaysia on Friday, helping the main index to close above the 1,600-point level.

At 5pm, the 30-stock index stood at 1,600.12, up 18.86 points, or 1.19%. The index opened 1.42 points higher at 1,582.68 this morning.

Losers led gainers by 617 to 561, while 421 counters traded unchanged. Turnover was at 7.98 billion shares valued at RM5.15bil.

Dealers said market sentiment was supported by buying in selected blue chips and the firmer regional markets.

Reuters reported that oil prices jumped more than US$1 a barrel on Friday, hitting their highest levels in nearly 14 months, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic.

Brent crude rose 1.98%, or US$1.32 to US$68.06 while US West Texas Intermediate (WTI) advanced 1.79%, or US$1.14 to US$64.97.

Of the 30 component stocks, 18 closed higher while 10 fell. Top Glove and Public Bank contributed the most to the index gain.

The bank added 12 sen to RM4.35, pushing the index higher by 3.6258 points. Top Glove rose 29 sen to RM5.25, contributing 3.7030 points to the index.

On the broader market, Central Global led the gainers’ list, rising 31 sen to RM1.41. Latitude Tree added 27 sen to RM4.50 and Hong Leong Bank rose 26 sen to RM18.68.

Decliners include MPI, falling RM2.44 to RM39.40, Nestle declining RM2.30 to RM135.50 and Heineken, dropping RM1.28 to RM24.70.

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