KLCI rebound gains momentum, Brent approaches US$70 level

TheStar Wed, Apr 03, 2019 12:58pm - 4 years View Original


KUALA LUMPUR: The rebound on the local market picked up steam moving into midday as investors pinned their hopes on US-China trade talks due to start today.

At 12.30pm, the FBM KLCI had gained 9.02 points to 1,641.85. Trading volume was 1.39 billion shares exchanging hands for RM786.04mil. There were 397 advancers compared to 267 decliners and 377 counters unchanged.

   
Public Bank led the KLCI's advance in the morning sessions as the bank stock retraced losses suffered during Monday's sharp selldown. However, adding 30 sen to RM23 the counter had yet to arrive at last Friday's closing price prior to the fall.

IHH Healthcare also saw bullish price action, climbing 13 sen to RM5.55. The stock had fallen over three straight sessions this week, recording its sharpest one-day fall on Wednesday after external auditor KPMG issued a qualified opinion on its FY2018 financial statements.

Meanwhile gains were seen in Hong Leong Bank rising 12 sen to RM20.18, Axiata adding three sen to RM4.15 and Sime Darby Plantation lifting four sen to RM5.06.

Top actively traded counters were Priceworth unchanged at six sen, VS Industry gaining two sen to RM1.09 and Sapura Energy rising 0.5 sen to 36 sen.

Asian markets have been rallying on positive economic data from the US and China and optimism over Chinese vice premier Liu He's visit to Washinton this week.

The Shanghai Composite Index rose 0.2% while the CSI300 Index also added 0.2%. Hong Kong's Hang Seng was up 0.9%, Japan' Nikkei gained 0.8% and South Korea's Kospi advanced 0.6%.

Meanwhile, Brent crude prices approached the psychologically important US$70 mark as supply continued to be squeezed by US sanctions and supply disruptions in Venezuela.

The global benchmark rose 33 cents to US$69.70 a barrel, having reached as high as US$69.87 earlier in the day. 

US crude rose 20 cents to US$62.78 a barrel.

The ringgit was up 0.1% against the greenback to 4.0820. It slipped 0.7% against the pound sterling at 5.3841 and 0.1% against the Singapore dollar at 3.0156.

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