KUALA LUMPUR: A recovery in oil prices along with an overnight rebound in US markets lifted the mood in the domestic market this morning, with the benchmark index inching 0.88 per cent higher.
At 9.05am today, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 10.76 points to 1,230.48 from yesterday’s close of 1,219.72, after opening 0.82 points higher at 1,220.54 this morning.
On the broader market, gainers edged losers 214 to 80, with 132 counters unchanged, 1,592 untraded and 16 others suspended.
Turnover amounted to 206.39 million shares worth RM68.38 million.
A dealer said oil prices rose more than 10 per cent yesterday, with Brent Crude Oil 5.1 per cent higher at US$26.16 per barrel; while US Crude gained 12.9 per cent to US$23 per barrel after US President Donald Trump said he will get involved in the global price war between the Organisation of the Petroleum Exporting Countries and its allies at an ‘appropriate time’.
Meanwhile, Wall Street was also higher yesterday, as market sentiment was lifted after central banks and governments pledged support for measures to shield their economies from impacts associated with the Covid-19 pandemic that has claimed more than 9,000 lives around the globe.
The Dow Jones Industrial Average gained one per cent to 20,081.19, the S&P 500 rose 0.5 per cent to close at 2,409.39 and the Nasdaq Composite Index advanced 2.3 per cent to end the session at 7,150.58.
“On the local front, we expect the FBM KLCI to range between 1,200 and 1,280 today, while downside supports are at 1,211 and 1,130,” he added.
Among the heavyweights on Bursa Malaysia, Maybank added seven sen to RM7.15, Tenaga eased two sen to RM11.30, Public Bank gained 36 sen to RM13.02 and IHH was four sen higher at RM5.19.
Of the actives, Vortex was flat at 2.5 sen, Bumi Armada was 1.5 sen better at 13 sen and Alam Maritim inched up half-a-sen to 3.5 sen.
On the index board, the FBM Emas Index gained 60.72 points to 8,318.50, the FBM Emas Shariah Index increased 31.88 points to 9,152.37 and the FBM 70 increased 67.19 points to 9,261.45.
The FBMT 100 Index was 69.84 points higher at 8,284.47 and the FBM Ace was 44.74 points better at 3,244.47.
Sector-wise, the Industrial Products and Services Index inched up 0.77 of-a-point to 93.29, the Plantation Index gained 16.29 points to 5,548.32 and the Financial Services Index surged 168.88 points to 11,054.33. - BERNAMA