KUALA LUMPUR: The FBM KLCI moved higher on Friday as energy-related stocks rose in tandem with surging crude oil prices.
While crude prices slid slightly following reassurances from US President Donald Trump Brent he would provide political risk insurance for deliveries through the Strait of Hormuz, Brent has topped US$84 a barrel after a five-day rally while West Texas Intermediate is just under US$80 a barrel.
Malaysia's benchmark was up 4.19 points to 1,717.39 at midday as PETRONAS-related stocks powered the index higher amid a risk-off mood for equities.
PETRONAS Chemicals jumped 69 sen to RM4.20, PETRONAS Gas rose 18 sen ot RM18.16 and MISC surged 56 sen to RM8.80. PETRONAS Dagangan slipped four sen to RM22.16.
On the broader market, however, stocks were pounded down as investors fretted over the impact higher energy costs will have on inflation and global interest rates. The ticker board flashed red as the number of declining issues vastly outnumbered advancing 686-to-291. Trading volume was 1.99 billion shares valued at RM1.76bil.
AirAsia X
slid another 14 sen to RM1.28 as airlines faced surging fuel costs and route cancellations. The airline has lost about 35% of its value since the start of the week. Sister company Capital A shed 1.5 sen to 44 sen.
Meanwhile, Lotte Chemical Titan stood among the day's most active stocks, jumping 13 sen to 47 sen.
In regional markets, South Korea's Kospi stabilised somewhat, sliding 0.91% to 5,532 after a record-breaking plunge earlier in the week followed by a sharp retracement.
Japan's Nikkei recovered 0.46% to 55,523.
In China, the Shanghai Composite index and CSI 300 each gained 0.17% to 4,115 and 4,655 respectively. Hong Kong's Hang Seng jumped 1.58% to 25,711.
