KLCI climbs early Wednesday, Petronas Dagangan lifts – Business News


KUALA LUMPUR: Blue chips extended their gains early Wednesday, with Petronas Dagangan providing the impetus while the broader market improved and the ringgit continued to advance against the US dollar.

At 10.21am, the FBM KLCI was up 5.77 points or 0.34% to 1,726.45. Turnover was 600 million shares valued at RM368.19mil. There were 385 gainers, 227 losers and 292 counters unchanged.

The ringgit gained strength against the US dollar, climbing 0.38% to 4.123 from the previous day’s  close of 4.138.

Japan’s Nikkei share average rose on Wednesday morning, buoyed by gains in large-cap stocks such as SoftBank, Fanuc and financial companies as global growth hopes lifted the mood across world markets. The Nikkei gained 0.8% to 22,596.84 in midmorning trade, Reuters reported.

Oil prices firmed on Wednesday after a reported fall in U.S. crude inventories and on expectations that an OPEC-led production cut aimed at tightening the market will be extended beyond March 2018, Reuters reported.

Brent crude futures rose 24 cents to US$62.81 per barrel and US West Texas Intermediate (WTI) crude futures gained 48 cents to US$57.31 a barrel.

Petronas Dagangan rose the most, up 64 sen to RM23.94 while Hengyuan added 18 sen to RM10.

KESM rebounded 46 sen to RM19.76, MPI 20 sen to RM13.30.

As for glove makers, Hartalega and Top Glove rose 17 sen each to RM8.81 and  RM6.67.

Palette  Multimedia jumped 3.5 sen to 35 sen in active trade. Creador Sdn Bhd founder and chief executive officer Brahmal Vasudevan has emerged as a substantial shareholder with a 5.21% stake.

Heineken rose 38 sen to RM17.70 but Carlsberg fell 18 sen to RM14.80, Kawan Food was down 18 sen to RM2.92. 

Genetec lost 13 sen to RM1.05 and FLBhd eight sen lower at RM1.35 while PMB Tech wa dpwn seven sen to RM4.10.

PPB Group slipped 12 sen to RM16.76 and SOP eight sen lower at RM4.20.


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