KLCI charts fresh 20-month high while energy stocks surge

TheEdge Tue, Feb 20, 2024 05:51pm - 1 month View Original

KUALA LUMPUR (Feb 20): The FBM KLCI climbed further and closed at a fresh 20-month high on Tuesday as consumer stocks led gains, while energy stocks at the broader market surged.

The benchmark index closed at 1555.59, its highest since June 1, 2022, after rising 16.98 points or 1.10%. The gain also marked the KLCI’s best day since Feb 13, 2024.

Automotive-to-industrial conglomerate Sime Darby Bhd was top gainer among index constituents, up 4.8% to RM2.65, while agri-food gaint PPB Group Bhd was also higher. Other KLCI gainers included petrochemical company Petronas Chemicals Group Bhd, and wireless carrier Axiata Group Bhd.

Overall market breadth was positive as 615 stocks advanced, 425 retreated and 472 traded sideways, after 3.70 billion shares worth RM2.94 billion exchanged hands.

The FBM Mid 70 Index rose by 1.39%, while the FBM Small Cap Index recorded a mere gain of 0.36%. The FBM Ace Index also gained 0.31%.

Sectoral indices were broadly positive, except for REITs and transportation that had mild declines.

The energy sector surged to its highest in nearly three years, driven by oil and gas services firm Dialog Group Bhd, which rose 18% to RM2.20. Bumi Armada Bhd and Dayang Enterprise Holdings Bhd racked up over 6% gain.

The most active stock in terms of volume was Hong Seng Consolidated Bhd, which ended unchanged at RM0.02, followed by TWL Holdings Bhd (down half a sen or 14.29% to three sen) and Dialog Group Bhd (up 34 sen or 18.28% to RM2.20).

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