KLCI rises on foreign buying; SapuraKencana, Tenaga up

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KUALA LUMPUR (Aug 15): The FBM KLCI rose 6.18 points or 0.4% on foreign buying and as crude oil price gains supported the ringgit and oil and gas-related shares.

At 5pm, the KLCI closed at its intraday high of 1,690.33 points as stocks like SapuraKencana Petroleum Bhd and Tenaga Nasional Bhd rose.

SapuraKencana, the eighth most-active stock on Bursa Malaysia, rose seven sen to RM1.57. Tenaga shares climbed 24 sen to RM14.76 to become the fifth-largest gainer.

The ringgit strengthened to 4.0072 against the US dollar after trading between 4.0020 and 4.0378 today.

The KLCI had risen with China share markets. Hong Kong's Hang Seng rose 0.73% while Shanghai Composite added 2.44%.

Reuters reported that Asian shares set up camp at one-year peaks on Monday as a rally in Chinese stocks helped offset news that Japan's economic growth had ground to a halt last quarter, while oil prices extended their latest rally.

Brent crude oil futures rose to a high for the month at US$47.40 (RM189.74) a barrel on Monday before dipping back to US$47.30 per barrel at 0644 GMT as speculation intensifies about potential producer action to support prices in an oversupplied market.

In Malaysia, Jupiter Securities Sdn Bhd analyst Benny Lee told theedgemarkets.com that foreign funds had returned to Malaysian markets.

"The FBM KLCI is slowly picking up with the return of foreign funds which might spell a trend for the bourse for now," Lee said.

Bursa Malaysia saw 449 gainers and 412 decliners. A total of 2.31 billion shares were transacted for RM1.75 billion.

The top gainer was KESM Industries Bhd while the leading decliner was British American Tobacco (Malaysia) Bhd.