KLCI charges ahead on rising crude oil prices

KUALA LUMPUR: The FBM KLCI gapped up above the 50-day simple moving average on Monday as the bulls reappeared following a surge in crude oil prices.

At 12.30pm, the key index was up 23.12 points to 1,623.25, amid strong buying interest as Brent crude oil rallied past the US$70 a barrel mark amid Opec's decision to maintain supply cuts through April.

This came in contrast with a sell-off in global tech stocks as bond yields continued to rise on inflation fears, contributed in part by the increase in the cost of oil.

Over the course of the morning, 5.84 billion shares exchanged hands on Bursa Malaysia for a value of RM3.27bil.

Petronas Chemicals surged 66 sen to RM8.48 amid the improved prospects in the oil and gas sector, while Petronas Gas gained eight sen to RM16.38 and Petronas Daganga rose four sen to RM19.52.

Bank stocks also continued to ascend on the prospects of a recovering economy. Maybank gained 18 sen to RM8.54, Public Bank climbed eight sen to RM4.43, Hong Leong Bank rose 14 sen to RM18.52 and CIMB put on 11 sen to RM4.60.

Meanwhile, glove stocks were mixed as Hartalega added four sen to RM9.79 and Top Glove lost three sen to RM5.22 while Supermax shed 13 sen to RM4.37.

Telcos, which have been in the spotlight for the government's 5G plans, added weight. Maxi gained six sen to RM4.62, Digi gained five sen to RM3.58 and Axiata rose 11 sen to RM3.54.

Oil and gas counters were among the most active stocks on the market. Sapura Energy topped the list, rising 1.5 sen to 16.5 sen on the back of 323.37 million shares done.

Velesto added 1.5 sen to 19 sen, and Bumi Armada jumped 3.5 sen to 49 sen.

In Asian markets, the retreat in equities continued as the speed of the recovering economy stoked anxieties over policy tightening among central banks.

Japan's Nikkei and South Korea's Kospi lost 0.4% apiece, while Shanghai's composite index dropped 1% and Hong Kong's Hang Seng slid 1.3%. Australia's ASX200 rose 0.5%.
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Bursa Malaysia , FBM KLCI , equities


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