KL shares open higher

KUALA LUMPUR: Shares on Bursa Malaysia opened higher for the second consecutive day this week, on better buying demand, as improved oil prices lifted market sentiment.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,636.53 points, up 5.97 points from Tuesday's close of 1,630.56. The local index opened 2.47 points better at 1,633.03.

Gainers led losers 181 to 89, while 166 counters remained unchanged, 1,257 untraded and 16 others suspended.

Turnover stood at 102.83 million shares worth RM50.08 million.

In a note, Kenanga Research said it was sceptical over the sustainability of yesterday's rebound, given the low trading volume.

"The only incentive for today's session is the strong overnight rebound in crude oil prices, which could possibly offer an opportunity for the local bourse to seek a higher high," it added.

Last night, Brent Crude oil futures settled at US$46.95 a barrel, up US$2.52 or 5.7%, its biggest percentage gain since Sept 28.

Among heavyweights on Bursa, TNB added 10 sen to RM14.26, Maybank gained four sen to RM7.82 and Public Bank was flat at RM19.70.

Of actives, Hibiscus Petroleum added one sen to 28.5 sen, Vivocom was flat at 18 sen and JAG gained half-a-sen to 11 sen.

The FBM Emas Index added 38.76 points to 11,523.33, the FBMT100 Index rose 38.85 points to 11,234.52 and the FBM Emas Syariah Index gained 33.47 points to 12,118.02.

The FBM 70 increased 38.51 points to 13,986.17 and the FBM Ace rose 37.8 points to 5,021.43.

Sector-wise, the Plantation Index was 11.87 points better at 7,770.02 and the Finance Index increased 62.87 points to 14,284.43. But, the Industrial Index trimmed 6.93 points to 3,079.86.

The physical price of gold as at 9.30am stood at RM165.96 per gramme, up 66 sen from RM165.30 at 5pm yesterday. — Bernama