KLCI extends gains on US share, oil advance

-A +A

KUALA LUMPUR (Feb 6): The FBM KLCI extended gains following the overnight advance in US shares and crude oil prices.

At 9:02am, the KLCI rose 6.17 points or 0.3% to 1,809.38 on gains in stocks like Tenaga Nasional Bhd and SapuraKencana Petroleum Bhd.

Yesterday, the KLCI climbed 0.19 point or 0.01% to close at 1,803.21.

Today, TA Securities Holdings Bhd wrote in a note "blue chips should extend sideways trade ahead of the weekend" on Greece financials and crude oil concerns.

From a technical viewpoint, TA said the KLCI's immediate resistance and support were seen at 1,831 and 1,778 points respectively.

Bursa Malaysia saw some 59 million shares worth RM33 million changed hands. There were 55 gainers versus 56 decliners.

The top gainer was Tenaga while the leading decliner was Hong Leong Financial Group Bhd.
The most-active stock was JAG Bhd.

Bloomberg reported that West Texas Intermediate crude futures climbed as much as 2 percent today after rising 4.2 percent yesterday.

Higher crude oil prices have supported the ringgit. The ringgit's strength hinges on prices of crude oil, which constitutes a major portion of the Malaysian economy.
 
At 8:48am, the ringgit was firmer versus the US dollar at 3.5405, and compared to the Singapore dollar, the ringgit changed hands at 2.6332.

Across Asian stock markets, Japan's Nikkei added 0.84% while South Korea's Kospi declined 0.18%

Bloomberg reported that Asian stocks followed U.S. equities higher, with the regional benchmark index extending its weekly advance, as materials and energy shares gained amid higher oil prices.