KLCI closes higher as Asian markets pick up positive sentiment
KUALA LUMPUR: Asian markets took a running start to the week with all key markets rising as Friday’s US payroll data lifted sentiment.
Japan’s Nikkei climbed 1.2% while in China, the Shanghai Composite Index rose 2.5%, the blue chip CSI300 gained 1.5% and Hong Kong’s Hang Seng gained 1.3%. In South Korea, the Kospi put on 0.6%.
Bursa Malaysia was also swept up in the rally, rising 8.77 points to 1,672.63 at the close. Trading volume was 2.01 billion shares with a value of RM2.05bil. There were 512 decliners versus 316 advancers and 376 counters unchanged.
Axiata led the gains on the index, rising 22 sen to RM4.07. Maybank climbed 11 sen to RM9.08 while RHB Bank added 18 sen to RM5.35.
The Petronas counters also lifted, with Petronas Chemicals gaining seven sen to RM8.51, Petronas Gas putting on 26 sen to RM17.18 and Petronas Dagangan rising 12 sen to RM24.92.
On the losing end of the index, KL Kepong shaved 12 sen to RM24.12, Telekom Malaysia lost five sen to RM3.35 and IHH slid 13 sen to RM5.86.
Top Glove, which hit limit down in early trade today, managed to partially retrace some losses, ending the day RM2.97 ot RM24.55 lower at RM9.13.
It was also a bad day for other rubber glove makers as Kossan fell 30 sen to RM8.20 and Supermax slid 19 sen to RM4.29.
Rising in Monday trade, F&N gained 94 sen to RM37.70, BAT climbed 30 sen to RM34.30 and MPI rose 25 sen to RM9.95.
Oil prices moved in different directions on Monday, with WTI crude dropping 27 cents to US$75.53 a barrel while Brent crude gained 41 cents to US$77.52 a barrel.
Increased drilling activity in the US leading to higher shale oil production put pressure on the the commodity even as supply interruptions from Venezuela and Libya continue to tighten the global oil market.
Source: The Star