KLCI extends gains in line with bullish regional peers

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KUALA LUMPUR (Feb 18): The FBM KLCI extended its gains at mid-morning today in line with the bullish regional markets.

At 10am, the FBM KLCI rose 14.92 points to 1,679.24.

The top gainers included Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Huat Lai Resources Bhd, Genting Bhd, Petronas Gas Bhd, Public Bank Bhd, Tenaga Nasional Bdh, PPB Group Bhd and Sime Darby Bhd.

The top actives included JAG Bhd, Nexgram Holdings Bhd, Sumatec Resources Bhd, Perisai Petroleum Teknologi Bhd, AirAsia Bhd and SapuraKencana Petroleum Bhd.

The top decliners included Genting Plantations Bhd, SAM Engineering & Equipment Bhd, Malaysia Airports Holdings Bhd, Hong Leong Financial Group Bhd and Hong Leong Industries Bhd.

Asian stocks rose on Thursday and safe-haven government bond prices fell as crude oil prices extended gains on hopes that big producers will cap production, improving investors' appetite for riskier assets, according to Reuters.

Crude remained the main market driver, with oil prices up as much as 3% in early Asian trade following a 7% jump on Wednesday after Iran voiced support for a Russia-Saudi-led move to freeze production to deal with the market glut that had pushed prices to 12-year lows, it said.

Hong Leong IB Research said that today, Bursa Malaysia is expected to resume its rebound after ending flat yesterday, taking cues from overnight rallies in US and European markets coupled with soaring oil prices.

"Key resistances are 1,686–1,700," it said.