Friday 29 Mar 2024
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KUALA LUMPUR (July 3): Petronas Chemicals Group Bhd's (PetChem) and Petronas Dagangan Bhd's (PetDag) share prices rose in early trade today in an apparent response to the crude oil price rise during overnight trading.

As at 9.21am, PetChem had risen 13 sen or 1.98% to RM6.68 while PetDag had climbeded 20 sen or 0.97% to RM20.90.

FBM KLCI-linked PetChem and PetDag, which are also constituents of Bursa Malaysia's energy index, had contributed to broader market gains.

As at 9.22am, the KLCI had risen 7.2 points or 0.47% to 1,543.48 while the energy index had addded 3.92 points or 0.51% to 776.13.

"The index (KLCI) may continue its positive run in the near term towards 1547-1563 zones, riding on a highly welcomed measure by Bursa/SC (the Securities Commission Malaysia) last Friday to extend the short-selling ban to Dec 31, ongoing rebound in oil prices coupled with a positive reclaim above the key 1510 and 1530 barriers.

"However, a profit-taking pullback could be triggered by further surge in Covid-19 count globally, souring US-China relations, domestic political uncertainty with the focus on Parliament resitting on July 13 and deteriorating August results season," Hong Leong Investment Bank Bhd analyst Ng Jun Sheng wrote in a note today.

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