Commodities rally lends support to equities

TheStar Tue, Feb 23, 2021 12:48pm - 2 months ago

KUALA LUMPUR: The FBM KLCI held on to its early lead as it entered the lunch break following a growth-inspired commodities rally.

At 12.30pm, the key index was up 5.16 points to 1,575.62, in line with other regional markets as investors turned bullish on the prospects of an economic recovery.

Crude oil prices jumped once again on the back of supply disruptions in the US as production was halted due to freezing cold temperatures.

Brent crude returned above the US$65 a barrel mark, helping to shore up equities prices on the domestic market.

Among the rising energy counters, Hengyuan Refining rose 18 sen to RM5.98, Hibiscus Petroleum jumped four sne to 73 sen, Petra Energy gained four sen to RM1.11 and Dayang added six sen to RM1.57.

AirAsia counters were also in the spotlight following the entrant of a new shareholder in the group. AirAsia jumped 11.5 sen to 93 sen and AirAsia X rose 1.5 sen to 9.5 sen.

On the blue-chip KLCI index, most counters were in positive terriory with leading exceptions being Hong Leong Bank falling 14 sne to RM17.54 and Top Glove losing six sen to RM5.72.

Bank stocks were little changed with Maybank flat at RM7.95, Public Bank up one sen to RM4.11 and CIMB gaining three sen to RM4.19.

Top active stocks were Technax up 2.5 sen to 20.5 sen, DGB flat at nine sen and Mobilia surging 39.5 sen at 62.5 sen.

Meanwhile, Japan's Nikkei rose 0.5%, South Korea's Kospi fell 0.1% and China's composite index rose 0.3%.

Hong Kong's Hang Seng jumped 1.5% and Australia's ASX200 was up 0.7%.

Related Stocks

CIMB 4.250
DAYANG 1.410


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