KLCI rises 0.71% as focus shifts to higher oil prices, re-opening of global economies

TheEdge Mon, May 18, 2020 12:57pm - 3 years View Original


KUALA LUMPUR (May 18): Investor focus at Bursa Malaysia shifted to higher crude oil prices and the re-opening of global economies, prompting the local index to rise 0.71%.

At 12.30pm, the FBM KLCI gained 9.98 points to 1,413.42.

Market breadth was positive with 402 gainers and 235 losers, while 582 counters traded unchanged. Trading volume was a robust 6.70 billion shares valued at RM2.43 billion.

The energy index on Bursa Malaysia jumped 10.88% or 82.30 points to 838.66, as oil prices climbed by more than US$1 a barrel on Monday to their highest in more than a month.

Brent crude was up US$1.19, or 3.7%, at US$33.69 a barrel by 0240 GMT, after touching a high since April 13. US West Texas Intermediate crude was up US$1.26, or 4.3%, at US$30.69 a barrel, after rising to its highest since March 16.

The top gainers included United Plantations Bhd, Time Dotcom Bhd, Petronas Dagangan Bhd, Bursa Malaysia Bhd, Supermax Corp Bhd, Green Packet Bhd, Panasonic Manufacturing Malaysia Bhd, Kuala Lumpur Kepong Bhd, Top Glove Corp Bhd and Hengyuan Refining Company Bhd.

The actives included Icon Offshore Bhd, Bumi Armada Bhd, Velesto Energy Bhd, KNM Group Bhd, Hibiscus Petroleum Bhd, Lambo Group Bhd, Sapura Energy Bhd and Ekovest Bhd.

The decliners included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Negri Sembilan Oil Palms Bhd, Pentamaster Corp Bhd, ViTrox Corp Bhd, Cocoaland Holdings Bhd, Hock Seng Lee Bhd and SAM Engineering & Equipment (M) Bhd.

Reuters said Asian shares were led higher by S&P 500 futures on Monday and oil prices hit a five-week peak as countries' efforts to re-open their economies stirred hopes the world was nearer to emerging from recession.

Summer weather is enticing much of the world to emerge from coronavirus lockdowns as centres of the outbreak from New York to Italy and Spain gradually lift restrictions that have kept millions cooped up for months, it said.

Kenanga IB Research said Asian stocks were mixed last Friday (May 15), as optimism from the reopening of economies were mixed with concerns surrounding a possible second wave of infections.

It said back home, the FBM KLCI rose 6.19 points or 0.44% to finish at 1,403.44.

“Following the formation of a 'Golden Cross', the index continues to be in an attempt to close the gap that was opened during the mid-March market meltdown.

“On the chart, our immediate support levels stand at 1,360 (S1) and 1,310 (S2).

“On the upside, our resistance levels are raised to 1,420 (R1) and 1,460 (R2),” it said.

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