FBM KLCI continues bullish trend amid energy crunch

KUALA LUMPUR: The FBM KLCI remained aloft of the 1,600-point level at midday, as investor sentiment on Bursa Malaysia stayed bullish.

At 12.30pm, the country's key index was up 5.96 points to 1,604.24, with the growth outlook bolstered by a sustained rise in oil prices to new multi-year highs amid an energy shortage.

Brent crude rose 1.1% to US$85.77 a barrel, hitting a three-year high while crude palm oil prices hovered at RM5,129 a metric tonne, near its recent record high.

The continued uptrend on the market comes at odds with sentiment in other regional markets, which have been dampened by slower-than-expected economic growth in China.

Among key Bursa heavyweights, Maybank was up two sen to RM8.30 while Public Bank added four sen to RM4.24. CIMB rose five sen to RM5.20 and Hong Leong Bank was up two sen to RM18.72.

Tenaga Nasional climbed seven sen to RM9.79 while Sime Darby Plantation gained two sen to RM4.37.

On the broader market, top actives were Macpie rising 2.5 sen ot 13 sen, Joe unchanged at 4.5 sen and Tiger rising 0.5 sen to 4.5 sen.

In regional markets, China's main index was down 0.35% while Hong Kong's Hang Seng fell 0.3%.

Japan's Nikkei dipped 0.3% while South Korea's Kospi slid 0.2%.

Australia's ASX200 gained 0.1%.
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Bursa Malaysia , FBM KLCI , equities


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