(Updated)

Bargain hunting, higher oil prices help lift KLCI

Bargain hunting, higher oil prices help lift KLCI
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KUALA LUMPUR (July 1): Bargain hunting lifted the FBM KLCI higher on the first trading day of the second half of this year, with market sentiment also boosted by higher crude oil prices.

However, the benchmark index closed off the day’s high at 1,534.23 — up 0.1% or 1.6 points from yesterday — due to profit-taking, especially in glove counters Hartalega Holdings Bhd and Top Glove Corp Bhd.

On the broader market, gainers triumphed over losers by 554 to 374, while 422 counters finished unchanged. 

Trading volume stood at 7.18 billion shares, 54% higher than yesterday’s 4.65 billion shares. Trading value jumped 31% to RM3.49 billion from RM2.67 billion.

Rakuten Trade head of equity sales Vincent Lau said the KLCI edged higher mainly due to mild bargain hunting following yesterday's steep losses.  

Oil prices rose today, supported by lower US inventories and the prospect of strengthening demand, while investors awaited a decision from OPEC+ producers on whether they would maintain or reduce supply cuts in the second half of the year, Reuters reported.

In line with the firmer oil prices, Bursa Malaysia’s Energy Index rose the most among all indices in percentage terms, closed up 2.4% to 808.36.

Gainers among heavyweights included Sime Darby Plantation Bhd (up 2.01% or eight sen at RM4.06), IHH Healthcare Bhd (up 1.65% or nine sen at RM5.56) and Genting Malaysia Bhd (up 1.44% or four sen at RM2.81).

Other notable gainers by value included Genetec Technology Bhd, Malaysian Pacific Industries Bhd, Dutch Lady Milk Industries Bhd, KESM Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Sarawak Consolidated Industries Bhd, British American Tobacco (M) Bhd, Computer Forms (M) Bhd and Aeon Credit Service (M) Bhd.

Heineken (M) Bhd topped the losers list, dropping 34 sen or 1.44% to close at RM23.26. Other top losers were Hartalega, Carlsberg Brewery Malaysia Bhd, Teck Guan Bhd, PPB Group Bhd and Top Glove.

Elsewhere in Asia, Japan's Nikkei 225 fell 0.29%, South Korea's Kospi fell 0.44%, Hong Kong’s Hang Seng Index dropped 0.57% and the Shanghai Stock Exchange Composite Index closed down 0.81%.

S Kanagaraju