Bursa lacklustre, Serba Dinamik inches up in active trade

KUALA LUMPUR: Bursa Malaysia put up a lacklustre performance early Thursday in the absence of strong leads by institutional players while Serba Dinamik eked out marginal gains in active trade.

At 9.57am, the KLCI was down by 0.89 of a point to 1,597.05. Turnover was 1.62 billion shares valued at RM738.54mil. There were 459 gainers, 258 losers and 359 counters unchanged.

Reuters reported Asian shares were a touch below a recent three-month top on Thursday with China a tad weaker as investors weighed inflation concerns ahead of key US economic data while oil prices rose to near 1-1/2 year highs.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% to 711 points. It went as high as 712.57 on Wednesday, a level not seen since early March.

Japan's Nikkei added 0.4%. Australian shares climbed to all-time highs as investors cheered stronger-than-expected economic growth data released on Wednesday. Chinese shares were marginally softer.

Overnight on Wall Street, global equities markets firmed ahead of key U.S. economic data due later in the week, Reuters reported.

Reuters reported oil prices surged on Wednesday, hitting their highest in more than a year from a decision by Opec and allies to stick to the plan to gradually restore supply, along with the slow pace of nuclear talks between Iran and the United States.

Brent rose US$1.1, or 1.6%, to settle at $71.35 a barrel. It reached $71.48 a barrel, its highest since January 2020.

U.S. West Texas Intermediate (WTI) crude rose $1.11, or 1.6%, to settle at $68.83 a barrel. It hit $69.00 during the session, its highest since October 2018.

At Bursa on Wednesday, foreign funds were net buyers at RM139.2mil but local funds net sellers at RM120.9mil and local retailers at RM18.2mil.

Serba Dinamik rose 1.5 sen to 84 sen and it was the most active with 152m share done. KPower was up one sen to RM1.23 and SCIB also by one sen to 99 sen.

Chip maker MPI lost 36 sen to RM39.14, F&N 24 sen to RM27.14, Petronas Gas 10 sen to RM16.30, PPB Group six sen to RM18.62 and CanOne six sen also to RM2.73.

Computer Forms Bhd or CFM surged 84 sen to RM3.64, Choo Bee 19 sen to RM2.39, Seni Jaya Corporation 17 sen to RM2.02, HLFG 10 sen to RM17.90 and KLK 10 sen to RM21.98.

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