KUALA LUMPUR: The FBM KLCI moved higher on Friday as energy-related stocks rose in tandem with surging crude oil prices.
While crude prices slid slightly following reassurances from US President Donald Trump Brent he would provide political risk insurance for deliveries through the Strait of Hormuz, Brent has topped US$84 a barrel after a five-day rally while West Texas Intermediate is just under US$80 a barrel.
Malaysia's benchmark was up 4.19 points to 1,717.39 at midday as PETRONAS-related stocks powered the index higher amid a risk-off mood for equities.
PETRONAS Chemicals jumped 69 sen to RM4.20, PETRONAS Gas rose 18 sen ot RM18.16 and MISC surged 56 sen to RM8.80. PETRONAS Dagangan slipped four sen to RM22.16.
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