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KLCI crosses 1,600 on buying of Petronas stocks

KUALA LUMPUR: The FBM KLCI managed to penetrated the crucial 1,600 level early Monday on some buying support of Petronas linked stocks, as investors’s sentiment perked up, in line with key Asian markets.

At 9.08am, the KLCI was up 7.31 points or 0.46% to 1,600.65. Turnover was 194.73 million shares valued at RM82.17mil. There were 264 gainers, 67 losers and 199 counters unchanged.

Asian shares rose to 14-week highs as growing optimism over US-China trade talks and upbeat U.S. job data boosted global investors’ appetite for riskier assets, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2% in early trade, having earlier touched its highest level since July 29.

Australian shares were up 0.2% and Seoul’s Kospi added 0.9%. Markets in Japan were closed for a holiday.

Meanwhile, foreign funds were net buyers last week at RM55.2mil and retail investors at RM33.7mil but local institutions net sellers at RM88.8mil.

Petronas Dagangan rose 14 sen to RM23.68, MISC 13 sen to RM8.37 and Petronas Gas 12 sen to RM16.60.

Affin Hwan Capital Research, which is keeping its Buy call on the oil and gas sector, pointed out Petronas has significantly underspent on capex totalling RM16bil in 1H19 or 32% of its full year RM50bil target.

“The guidance is still unchanged, showing its commitment to roll out more contracts in the coming months. Out of the RM50bil, Petronas has allocated half for domestic projects. We believe activities will remain robust, with domestic upstream capex also guided to be higher at RM15bil vs RM8bil in 2018, ” it said.

Carlsberg was the top gainer, up 28 sen to RM27.62, Nestle added 20 sen to RM145 and Ajinomoto 10 sen to RM16.

PPB Group gained 22 sen to RM18.30, MPI 22 sen to RM11m HL Industries and Hartalega 10 sen each to RM10.80 and RM5.47.

Prestariang was the most active with 17.35 million shares done. It rose three sen to 54.5 sen.

HLFG was the top loser, down 26 sen to RM16.92 with 200 shares done while HL Bank lost 12 sen to RM17.19.

CCB fell eight sen to RM1.27, Uzma five sen to 97 sen and Axiata four sen to RM4.26.

Source: TheStar