Semicon and tech stocks top gainers

KUALA LUMPUR: Sustained retail buying of semiconductor and tech-related stocks gave the local stocks market an early boost on Friday but oil stocks fell.

At 9.14am, the FBM KLCI was up 1.77 points or 0.12% to 1,497.55. Turnover was 360.85 million shares valued at RM158.64mil. There were 228 gainers, 156 losers and 309 counters unchanged.

On the external front, Bloomberg reported Asian stocks were steady early Friday after earnings helped Wall Street to a record close as some of the growth concerns stirred by the delta coronavirus strain eased.

Shares fluctuated in Australia and in Japan -- where Nintendo Co. slid after a profit miss -- while South Korea edged up. US contracts were little changed after the S&P 500 and Nasdaq 100 reached new peaks.

At Bursa, SAM Engineering rose 52 sen to RM12.80, Genetec 28 sen to RM23.60, Vitrox 16 sen to RM19.92, Unisem 18 sen to RM9.32, Mi nine sen to RM4.40 while Hightec and Kobay gained eight sen each to RM4.41 and RM4.04.

Encorp saw a spike in trading interest, rising two sen to 34.5 sen. QES added 2.5 sen to 91.5 sen.

Meanwhile, oil headed for the biggest weekly loss this year as the spread of the delta coronavirus variant cast doubt on the continued recovery in demand, particularly in the world’s biggest crude importer China, Bloomberg reported.

West Texas Intermediate was little changed near $69 a barrel in early Asian trading, and it’s dropped 6.6% so far this week, the biggest decline since the period to Oct. 30. A surprise jump in US stockpiles has also hurt prices.

Petronas Gas fell 10 sen to RM15.80, Yinson four sen to RM4.53 and Petronas Chemicals three sen to RM7.97.

Mr DIY shed four sen to RM3.34 on some profit taking while Apollo lost five sen to RM3.88 and Digi three sen to RM4.27.

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