KUALA LUMPUR (April 24): The FBM KLCI closed up 10.57 points or 0.65% at 1,638.01 as higher crude oil prices supported broader market sentiment.
As investors rotated to oil and gas shares amid positive market and corporate newsflow, volume gain was apparent in Bumi Armada Bhd while KLCI stock MISC Bhd's share price ended among Bursa Malaysia top gainers.
“Oil and gas stocks rose in view of the higher oil price (at above US$74/barrel),” said Rakuten Trade Sdn Bhd deputy head of research Vincent Lau.
Reuters reported that oil markets took cue from Saudi Arabia's Energy Minister Khalid al-Falih's statement on Wednesday that he saw no need to raise oil output immediately after the US ends waivers granted to buyers of Iranian crude, but added that his country will respond to customers' needs if asked for more oil.
Across Bursa Malaysia, volume was heavy at 4.38 billion shares for a total value of RM2.85 billion. A total of 516 counters gained versus 308 decliners.
MISC shares ended up 17 sen or 2.58% at RM6.76. Most-actively traded today was Bumi Armada Bhd after volume spiked over 10-fold to some 774 million shares from about 72 million yesterday. Today, the stock closed up seven sen or 35% at 27 sen.
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