KLCI opens in the red as MISC, Petronas stocks weigh

KUALA LUMPUR: The FBM KLCI started Friday on a weak note, weighed down by losses in MISC and Petronas-linked stocks though the broader market was slightly firmer.

At 9.40am, the KLCI was down 3.86 points or 0.24% to 1,593.87. Turnover was 1.25 billion shares valued at RM550.47mil. There were 341 gainers, 290 losers and 399 counters unchanged.

Bloomberg reported Asian stocks followed their U.S. peers higher as vaccine distribution bolstered economic optimism despite a climb in global Covid-19 cases. Oil resumed gains at the end of a volatile week.

Japan led the Asian advance, with Chinese and Hong Kong shares also rising. U.S. equity futures edged up after the S&P 500 climbed and small-caps rallied.

Oil resumed gains as investors weighed the implications of a huge container ship still stuck in the Suez Canal after a volatile few days that that saw prices swing wildly around $60 a barrel.

Futures in New York rose past $59 a barrel on Friday after dropping 4.3% in the previous session.

At Bursa on Thursday, local funds were net sellers at RM19.2mil and foreign funds at RM48.4mil but local retail investors remained net buyers at RM67.6mil.

Meanwhile, MISC fell 19 sen to RM6.76, Petronas Dagangan 16 sen to RM19.92, MAHB 10 sen to RFM6.37 and Petronas Chemicals eight sen to RM7.97 while Yinson lost five sen to RM5.35.

KAB lost 11 sen to RM1.70, Pentamaster nine sen to RM5.42, Berjaya Food and Vivocom eight sen lower to RM1.72 and 75 sen.

MPI was up 40 sen to RM37.22, Vitrox 20 sen to RM14.68 and Genetec 10 sen to RM4.48.

Heineken was the top gainer, up 48 sen to RM25.94, HLInd 17 sen to RM9.50, Cheetah 12 sen to RM2.93 and Solarvest eight sen to RM1.58

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