KUALA LUMPUR (April 17): The FBM KLCI closed up 1.73 points or 0.1% as crude oil and aluminium price gains supported Malaysian shares.
At 5pm, the KLCI closed at 1,880.49 after rising to its intraday high at 1,885.12. At 5pm, the KLCI rose on gains in stocks like Petronas Dagangan Bhd, Petronas Gas Bhd and Press Metal Aluminium Holdings Bhd.
The KLCI, at current levels, is not far from its record high at 1,896.23 in July 2014. Today, TA Securities Holdings Bhd technical analyst Stephen So said the KLCI appeared overbought.
Based on movements in the broader market, Soo said "there is no confirmation" the current rally in the KLCI can be sustained.
Across Bursa Malaysia today, 3.09 billion shares were traded for RM2.79 billion. Petronas Dagangan, Petronas Gas and Press Metal Aluminium were among the top gainers.
Petronas Dagangan and Petronas Gas shares rose on higher crude oil prices. Reuters reported that oil prices rose on Tuesday amid worries there could be a high risk of disruptions to supply, especially in the Middle East. Brent crude oil futures were at US$71.75 per barrel at 0646 GMT, up 33 cents, or 0.5 percent, from their last close.
Press Metal Aluminium took the cue from higher global aluminium prices. It was reported that Shanghai aluminium futures hit their strongest in almost three months on Tuesday amid supply worries after Rio Tinto declared force majeure on some customer contracts after the United States imposed sanctions on the firm's Russian partner Rusal. The most-traded June aluminium contract on the Shanghai Futures Exchange rose as far as 14,985 yuan (US$2,386) a tonne, its highest since Jan 29. It was up 1.6 percent at 14,805 yuan by 0309 GMT.