Friday 29 Mar 2024
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KUALA LUMPUR (April 19): The FBM KLCI rose 0.47% at mid-morning today, tracking the advance at most regional markets.

At 10am, the FBM KLCI was up 8.88 points to 1,888.20.

Gainers led losers by 319 to 170, while 262 counters traded unchanged. Volume was 715.43 million shares valued at RM391.16 million.

The gainers included Petronas Dagangan Bhd, KESM Industries Bhd, Nestle (M) Bhd, Allianz Malaysia Bhd, British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd, Heineken Malaysia Bhd and PMB Technology Bhd.

The actives included Sapura Energy Bhd, Red Sena Bhd, Sumatec Resources Bhd, Nexgram Holdings Bhd, SKH Consortium Bhd and Perisai Petroleum Bhd.

The decliners included Ajinomoto (M) Bhd, Aeon Credit Service (M) Bhd, Apollo Food Holdings Bhd, Microlink Solutions Bhd and Boustead Heavy Industries Corp Bhd.

Resource stocks were on a roll in Asia on Thursday as oil prices hit heights not seen since late 2014, though the potential boost to inflation globally also pressured fixed-income assets, according to Reuters.

Brent crude futures climbed another 34 US cents in early trade to US$73.82 a barrel, adding to a 2.7% jump overnight. US crude gained 30 US cents to US$68.77, it said.

Hong Leong IB Research in a traders' brief said that on the Dow Jones, it was sanguine that the sentiment could remain positive bias over the near term given the ongoing strong 1Q18 reporting season, aided by the positive economic outlook and easing concerns of a full-fledged trade war with China.

"On the local front, we expect KLCI to be well-supported by local and foreign institutional funds, which could scale towards new high post GE14 outcome as the dust settles, but small caps and lower liners likely to stay neutral as we think profit-taking activities may emerge after recent relief rallies," it said.

 

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