KUALA LUMPUR (May 18): The FBM KLCI rose to close at the day’s high following late bargain hunting in selected heavyweight counters and in line with the regional uptrend.

The benchmark index ended 7.86 points or 0.5% higher at 1,591.32.

The heavyweight stocks that powered the KLCI included Petronas Chemicals Group Bhd (up 17 sen or 2.14% to RM8.12), DiGi.Com Bhd (up 15 sen or 3.61% to RM4.30) and Malayan Banking Group Bhd (up nine sen or 1.08% to RM8.39).

Market breadth was positive with gainers outnumbering decliners at 814 to 273. Trading volume was 5.84 billion shares worth RM3.18 billion.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the market's rebound today was due to bargain hunting following yesterday’s broadly lower close.  

“Also, higher crude oil lifted the market sentiment,” he told The Edge.

Bursa Malaysia’s Energy Index, which tracks oil and gas (O&G) counters, closed up 3.87% to become the top percentage gainer among the bourse's gauges.

Oil rose today to hit US$70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and US economies offset concern over spreading coronavirus cases in Asia, Reuters reported. Brent crude was up 47 cents, or 0.7%, at US$69.93 by 0825 GMT, and earlier topped US$70 for the first time since March 15.

HengYuan Refining Co Bhd was among the day’s top gainers on Bursa Malaysia.

Other top gainers included Fraser & Neave Holdings Bhd, Malaysian Pacific Industries Bhd, Heineken (M) Bhd, Dutch Lady Milk Industries Bhd, D&O Green Technologies Bhd, Malayan Cement Bhd, Carlsberg Brewery (M) Bhd and Y&G Corp Bhd.

Hartalega Holdings Bhd topped the losers list, closing 16 sen or 1.65% down at RM9.55. Other notable losers included Petronas Gas Bhd, Mercury Industries Bhd and Sanichi Technology Bhd.

The most actively traded stocks were Focus Dynamics Group Bhd, Dagang NeXchange Bhd, Velesto Energy Bhd, UCrest Bhd, KTG Group Bhd, MTouche Technology Bhd, Bumi Armada Bhd and Green Ocean Corp Bhd.

Elsewhere in Asia, most indices rose as investors looked past rising virus infections in the region and bet on the global recovery, with Tokyo brushing off data showing the Japanese economy shrank more than expected in the first quarter, Bloomberg reported.

Japan’s Nikkei 225 surged 2.09%, South Korea’s  Kospi advanced 1.23%, Hong Kong’s Hang Seng Index rose 1.34% and the Shanghai Composite Index added 0.14%.