KUALA LUMPUR: Bursa Malaysia started Tuesday on a firmer note with the FBM KLCI eking out some gains while the broader firmed up with Serba Dinamik advancing in active trade.
At 9.15am, the FBM KLCI rose 2.43 points or 0.16% to 1, 534.79. Turnover was 688.50 million shares valued at RM346.48mil. There were 319 gainers, 142 losers and 272 counters unchanged.
Bloomberg reported Asian stocks opened steady Tuesday as traders weigh a jump in crude oil amid an Opec+ crisis that derailed a deal to boost output.
Gains were modest in Japan, Australia and South Korea. U.S. stocks and Treasury markets were closed Monday for the Independence Day holiday, keeping trading subdued. European shares edged higher and U.S contracts fluctuated in Asia.
Opec+ was plunged into crisis as a worsening fight between Saudi Arabia and the United Arab Emirates blocked an oil-supply increase. The breakdown of talks has sent crude climbing toward US$80 a barrel, but also raises the risk of a price war if the conflict at the alliance escalates.
At Bursa on Monday, foreign funds remained net sellers at RM25.7mil and local institutions net sellers also at RM4.2mil but local retail investors net buyers RM30m
Rakuten Trade believes the KLCI will continue to struggle again and hover within 1, 530 and 1, 540 on Tuesday.
"On the brighter side, we noticed that the crude palm oil (CPO) is reversing recent decline and is trending nearer to RM4, 000 a tonne again, " it said.
Serba Dinamik rose three sen to 51.5 sen with 189 million shares done while its warrants added one sen to 12.5 sen as investors reacted positively to the formal appointment of Ernst & Young Consulting Sdn Bhd as the group’s special independent reviewer.
Genetec continue its upward trend, adding RM1.40 to RM15.36, Widetec 60 sen to RM4.20, Hightec 27 sen to RM3.45, Dataprep 14 sen to RM1.51 but Mesiniaga lost 12 sen to RM1.86 and Mi Technovation nine sen to RM3.63.
Hengyuan rose 19 sen to RM4.69, riding on the stronger crude oil prices.
NPC Resources surged 57 sen to RM2.47 after it said it has accepted a non-binding offer by IOI Corp to acquire its properties in Sabah for an indicative price of RM281.23mil.