KLCI extends gains as O&G, plantation shares rise

opening_market_up_theedgemarkets

opening_market_up_theedgemarkets

-A +A

KUALA LUMPUR (Oct 24): The FBM KLCI rose 1.18 points or 0.1% as Asian markets advanced. Global markets rose following overnight US equity gains and as crude oil prices saw a substantial one-day rise.

Malaysia's KLCI was traded at 1,811.86 at 9.04am as oil and gas (O&G), and plantation-related shares advanced among Bursa Malaysia top gainers. These include Petronas Gas Bhd and oil palm plantation firm Kuala Lumpur Kepong Bhd.

Brent crude oil jumped about 3% near US$87 (RM285) a barrel on news reports indicating that major oil producer  Saudi Arabia had reduced output last month. The output cut came amid a fall in crude oil prices.

Yesterday, the KLCI rose 14.46 points or 0.81% to close at 1,810.68.

Today, Bursa Malaysia saw some 124 million shares worth RM58 million changed hands. There were 250 gainers versus 40 decliners.

The top gainer was Petronas Gas while the leading decliner was Nestle (M) Bhd.

The most-active stock was IFCA MSC Bhd.
 
Across Asia, Japan's Nikkei 225 rose 0.95% while Austalia's S&P/ASX 200 added 0.35%.
South Korea's Kospi declined 0.18%.

Bloomberg reported that Asian stocks rose, with the regional benchmark index extending its first weekly gain in seven weeks, after US earnings beat estimates and data signaled stronger European growth.

“We are getting good earnings data out of the US. The market seems to be moving from one data point to the next data point without conviction and there’s a lot of volatility.” Pengana Capital Ltd portfolio manager Tim Schroeders was quoted as saying by Bloomberg.