In a note today, Public Investment Bank Bhd (PIVB) said a fresh rise in overnight crude oil prices and some optimism about corporate earnings, helped market participants to put the trade war concerns on the back burner, for now at least.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.47 points firmer at 1,795.56 from Tuesday’s close of 1,791.09.
The index opened 2.07 points firmer at 1,793.16.
On the broader market, gainers led losers 195 to 60 with 171 unchanged, 1,455 untraded and 20 others suspended.
Volume stood at 130.67 million units valued at RM80.45 million.
According to PIVB, Wall Street’s S&P 500 closed just 0.5% short of the record high it set in January overnight, with the energy sector leading the way as crude oil prices rallied further, supported by concerns about Iranian supply following US sanctions on the country.
Meanwhile, Maybank Investment Bank Bhd expected investors to turn risk-on today with US stocks approaching a fresh all-time high.
“Oil and gas stocks, as well as exporters, could gain from interest in firmer crude oil prices and the recent easing of the ringgit. Technically, the FBM KLCI is anticipated to trade between 1,780-point and 1,800-points today.
“Downside supports are 1,748-point and 1,710-point,” it said.
Of the heavyweights, Maybank and CIMB rose four sen each to RM9.93 and RM5.87 respectively, Public Bank gained two sen to RM24.34, Tenaga added 14 sen to RM15.64 and Petronas Chemicals was one sen higher at RM9.06.
Among actives, MRCB perked 2.5 sen to 82 sen, Iris and Frontken ticked up half-a-sen each to 18 sen and 64.5 sen respectively, JCY inched up 1.5 sen to 31.5 sen, while Sapura Energy went up one sen to 60 sen.
Of the top gainers, Far East increased 30 sen to RM13.50, Hong Leong Industries improved 22 sen to RM11.48, Hartalega leapt 18 sen to RM6.35, MAHB gained 15 sen to RM9.50 and Riverview was 14 sen better at RM3.83.
The FBM Emas Index strengthened 31.53 points to 12,697.04 and the FBMT 100 Index rose 31.53 points to 12,479.05.
The FBM Emas Syariah Index climbed 31.60 points to 12,854.50, the FBM 70 bagged 40.80 points to 15,515.91 and the FBM Ace Index inched up 18.79 points to 5,441.02.
Sector-wise, the Finance Index jumped 50.63 points to 17,556.56, but the Plantation Index fell 10.38 points to 7,698.83 and the Industrial Index was down 5.08 points to 3,279.54.
The physical price of gold as at 9.30am stood at RM153.79 per gramme, down 17 sen from RM153.96 at 5pm yesterday. — Bernama
Source: The Sun Daily