KUALA LUMPUR (Jan 8): The FBM KLCI rose 14.18 points or 0.8% as volume across Bursa Malaysia neared seven billion shares. Fund managers said Malaysian shares gained from factors including sustained crude oil price gains and positive US market sentiment.
At Bursa Malaysia, the KLCI closed at 1,832.15 points as index-linked oil and gas companies Petronas Gas Bhd and Petronas Dagangan Bhd shares rose among top gainers.
Across Bursa Malaysia, 6.96 billion shares worth RM4.59 billion were traded. Sapura Energy Bhd was the most-active stock followed by UMW Oil & Gas Corp Bhd.
"Sustained crude oil prices is viewed as very positive to Malaysia. (Malaysia's stock) Market has run up again following the positive sentiment from the US and moving forward, the positive sentiment will drive the market higher," Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com.
Reuters reported that US West Texas Intermediate crude futures were at US$61.62 a barrel at 0344 GMT, 18 cents, or 0.3 percent, above their last settlement. Brent crude futures were at US$67.77 a barrel, 15 cents, or 0.2 percent, above their last close.
The ringgit strengthened with crude oil prices. Against the Singapore dollar, the ringgit appreciated to 3.0011 at 5pm. The exchange rate today was between 2.9976 and 3.0110.
Compared to the US dollar, the ringgit was traded at 3.9980 at 5:58pm after trading between 3.9865 and 3.9980 today.