KLCI rises 12.56pts as oil climbs above US$46

KLCI rises 12.56pts as oil climbs above US$46
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KUALA LUMPUR (April 21): The FBM KLCI rose 12.56 points or 0.7% to its intraday high, tracking regional shares' upward movement as crude oil climbed above US$46 a barrel.

At 5pm, the KLCI closed at 1,721.47 points. Across Asia, Japan's Nikkei 225 rose 2.7% while Hong Kong's Hang Seng added 1.82%.

Reuters reported that world stock markets climbed to their highest in almost five months on Thursday after a surge in oil prices boosted risk appetite, while the euro steadied ahead of a European Central Bank meeting.

Brent crude, the international benchmark, extended Wednesday's strong gains to hit a five-month peak just above US$46 a barrel after the International Energy Agency said 2016 would see the biggest fall in non-OPEC production in a generation.

In Malaysia, JF Apex Securities Bhd senior analyst Lee Cherng Wee told theedgemarkets.com that today's positive performance was mainly because of regional factors as US markets and crude oil rose overnight.

"The outlook will be clearer by the second half, after looking at crude oil prices' movements and corporate earnings," Lee said over telephone today.

Across Bursa Malaysia, there were 1.99 billion shares valued at RM1.95 billion traded. Gainers outpaced decliners at 507 and 351 respectively.

The most-actively traded stock was AirAsia X Bhd.

Fraser & Neave Holdings Bhd was the biggest gainer. The largest decliner was Nestle (Malaysia) Bhd.