KUALA LUMPUR (May 17): The FBM KLCI rose 12.18 points or 0.8%, tracking Asian share market gains amid stronger crude oil prices. The ringgit strengthened.

At 5pm, the KLCI closed at 1,633.39 points. Across Asia, Japan's Nikkei 225 rose 1.13% while Hong Kong's Hang Seng closed 1.18% higher.

Crude oil prices neared US$50 a barrel. Reuters reported that US West Texas Intermediate (WTI) futures were up 67 cents at US$48.39 (RM194.87) a barrel at 0635 GMT, the highest since October. Brent crude futures were up 37 cents at US$49.34 a barrel, near the six-month high of US$49.47 reached on Monday.

Oil futures rose for a second straight session on Tuesday, with US crude hitting a seven-month high, as the market focused on supply disruptions that prompted long-time bear Goldman Sachs to issue a bullish assessment on near-term prices.

In Malaysia, Mercury Securities research head Edmund Tham told theedgemarkets.com that "higher crude oil prices could also be one of the reasons for the KLCI's performance".

Besides crude oil, China's economy is also closely watched, according to Tham.

"We have to look at China's data whether the economy is going to slow down further," he said.

Across Bursa Malaysia, gainers led decliners by 479 to 341. Volume was 1.7 billion shares valued at RM1.72 billion.

Top gainer included Petronas Gas Bhd and Petronas Dagangan Bhd while major decliners included Heineken Malaysia Bhd and UMW Holdings Bhd. AirAsia X Bhd was the most-actively traded counter.

In currency markets, the ringgit strengthened to 4.0200 against the US dollar at 5pm. The intraday exchange rate was between 4.0107 and 4.0310.

The ringgit could have tracked stronger crude oil prices as the commodity forms a crucial portion of the Malaysian economy and government revenue.