FBM KLCI up 11.77pts at intraday high

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KUALA LUMPUR (Dec 27): The FBM KLCI rose 11.77 points or 0.7%, led by index-linked Press Metal Aluminium Holdings Bhd and Petronas Chemicals Group Bhd share gains as both stocks tracked higher commodity prices.

At 5pm, the KLCI closed at its intraday high at 1,771.76 points. Press Metal added 23 sen or 4.59% to RM5.24 while Petronas Chemicals rose 20 sen or 2.63% to RM7.80.

Press Metal and Petronas Chemicals were the top and second-largest gainers in percentage terms, within the 30-stock KLCI. Across Bursa Malaysia, Press Metal and Petronas Chemicals were the sixth and 10th largest gainers respectively.

Press Metal and Petronas Chemicals tracked higher prices of aluminium and crude oil respectively amid costlier copper.

Reuters reported that London copper was back with a roar after the Christmas break, rising to its highest in nearly three-and-a-half years on expectations of stronger demand from top consumer China in 2018.

Chinese copper futures followed, albeit modestly, pulling the most-traded aluminium contract higher in the process.

It was reported that US West Texas Intermediate (WTI) crude futures were at US$59.87 a barrel at 0754 GMT, down 10 US cents from their last settlement. WTI broke through US$60 a barrel for the first time since June 2015 in the previous session. Brent crude futures were at US$66.80 a barrel, down 22 US cents after breaking through US$67 for the first time since May 2015 the previous day.

In Malaysia today, Areca Capital chief executive officer Danny Wong told theedgemarkets.com: "So long as the commodity prices, such as crude oil, [are] up, Bursa (Malaysia) too will catch up. The oil and gas counters have run up beautifully, but we see mid-cap stocks too gaining about 2-3% today."

Across Bursa Malaysia, trading volume was 2.31 billion shares worth RM1.99 billion.

The most-active counter was Sapura Energy Bhd with some 96 million shares traded. The stock gained 1.5 sen or to 73 sen.