KUALA LUMPUR (May 15): The FBM KLCI rose 2.78 points or 0.2% in the final trading minutes on late buying of Genting Bhd shares and as investors evaluated the impact of higher crude oil prices on the stock market.
At 5pm, the KLCI closed at 1,778.65 points after falling to its intraday low at 1,771.87 points.
KLCI-linked Genting Bhd shares rose seven sen to RM9.96 after 52.84%-owned subsidiary Genting Singapore PLC said net profit rose significantly to S$181.1 million (RM560.58 million) in the first quarter ended March 31, 2017 from S$10.84 million a year earlier.
“The KLCI erased losses when it is nearing the end of the trading hours. The market may consolidate depending on the corporate earnings announcement moving forward,” Areca Capital Sdn Bhd chief executive Danny Wong told theedgemarkets.com.
Bursa Malaysia saw 3.74 billion shares worth RM3 billion change hands. Decliners outpaced gainers at 508 versus 421.
Iskandar Waterfront City Bhd (IWCity) was the most-actively traded counter with 201.73 million shares traded after the stock hit limit up on bargain hunting.
IWCity rose 49 sen or 30% to close at its intraday high at RM2.13
to become the third-largest gainer. The stock had in recent days fallen after Malaysian Government-owned TRX City Sdn Bhd said its planned sale of a 60% stake in Bandar Malaysia Sdn Bhd to IWH CREC Sdn Bhd was "null and void with immediate effect."
Today, Malaysian shares could have also risen on higher crude oil prices, which led to gains in stocks including KLCI-linked Petronas Dagangan Bhd and Petronas Chemicals Group Bhd.
Reuters reported that oil prices jumped two percent on Monday after the energy ministers of the world's two biggest producers Saudi Arabia and Russia jointly said that a crude production cut would be extended from the middle of this year until March 2018.
Brent crude was at US$51.88 per barrel at 0655 GMT, up US$1.04, or 2.1 percent, from its last close at a level last seen in early May.
Source: The Edge