KUALA LUMPUR: Blue chips gained momentum early Monday as Petronas stocks, plantations and banks pushed the FBM KLCI convincingly above the key 1,700 level again with more upside seen.
At 9.02am, the KLCI was up 2.66 points or 0.16% to 1,701.60. Turnover was 113.59 million shares valued at RM30.65mil. There were 167 gainers, 49 losers and 195 counters unchanged.
Hong Leong Investment Banks (HLIB) Research with the sustained buying interest in the overseas stock markets, the Dow Jones Industrial Average may trend higher towards the 20,300-20,400 levels with anticipation that Donald Trump would introduce new economic policies over the near term.
"As the trading interest surged strongly on Friday with a gap-up formation, we can expect profit taking activities to set in this week for the index heavyweights. Nevertheless, trading interest may focus within the O&G stocks amid a recovery in Brent oil prices," it said.
Oil prices dipped on Monday on signs that global fuel markets remained bloated despite OPEC-led crude production cuts that have been more successful than most initially expected, Reuters reported.
Brent crude futures were trading at US$56.55 per barrel at 0035 GMT, down 15 cents from their previous close. West Texas Intermediate (WTI) crude futures were down 12 cents at US$53.74 a barrel.
At Bursa, Petronas Dagangan added 18 sen to RM24.22 and Petronas Gas added 10 sen to RM20.58.
As for plantations, KL kepong rose 22 sen to RM25.30, PPB Group 10 sen to RM16.50, Sime Darby six sen to RM9.05 while Batu Kawan gained four sen to RM19.78.
Among banks, Public Bank rose 14 sen to RM20.24 and CIMB six sen higher to RM5.14.
MISC fell 10 sen to RM7.50 on expectations of tougher times ahead in FFY17, Genting Bhd
was down eight sen to RM8.60 while UMW and Telekom shed three sen each to RM5.45 and RM6.11.
Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.
