KLCI trends higher, crosses 1,500-level

KUALA LUMPUR: The FBM KLCI closed up 1.17% on Friday and crossed the 1500-point psychological level as index-linked stocks held firm.

At 5pm, the benchmark index rose 17.37 points to 1,502.01, its highest in over two weeks. For the week, the index added 13.13 points.

There were 425 gainers, 434 losers and 427 counters traded unchanged on the Bursa Malaysia. Turnover stood at 2.81 billion shares valued at RM2.73bil.

Dealers said window dressing activities helped the FBM KLCI to close above the 1,500 mark. They expect buying momentum to persist on the local front.

Among the gainers, Petronas Gas jumped 44 sen to RM17.24, Kuala Lumpur Kepong gained 38 sen to RM21.38, Fraser & Neave added 34 sen to RM25.60 and British American Tobacco rose 30 sen to RM14.

Genetec, Ajinomoto, Inari and Kluang are among the top losers on Bursa Malaysia.

Among the heavyweights, Maybank fell three sen to RM8.08, Public Bank gained five sen to RM4.08, Tenaga jumped 27 sen to RM9.51, Genting added one sen to RM4.48 and Petronas Dagangan advanced 26 sen to RM19.70.

Meanwhile, Reuters reported oil prices dipped on Friday, putting the market on track for a weekly loss as surging cases of the Omicron coronavirus variant raised fears new curbs may hit fuel demand.

Brent crude futures fell 74 cents to US$74.28 a barrel at 0530 GMT while US West Texas Intermediate crude futures dropped 81 cents to US$71.57 a barrel.

Elsewhere in the region, Japan’s Nikkei 225 lost 1.79% to close at 28,545.68.

South Korea’s Kospi closed up 11.32 points, or 0.38%, at 3,017.73.

Hong Kong’s Hang Seng index closed down 1.2% at 23,192.63 points.

China’s Shanghai Composite index was down 1.16% at 3,632.36 points while CSI300 index was down 1.59% at 4,954.76.