KUALA LUMPUR, Feb 3 — Shares on Bursa Malaysia were higher at opening on Wednesday, with the energy sector leading the gains following a surge in oil prices to US$55 per barrel, touching their highest level in a year as the Covid-19 recovery rally continued.
Petronas-linked companies such as Petronas Chemicals rose eight sen or 1.16 per cent to RM6.99, Petronas Dagangan jumped 14 sen or 0.70 per cent to RM20.10, while Petronas Gas was flat at RM16.20.
At 9.01 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 3.92 points to 1,584.41 from 1,580.49 at Tuesday’s close.
The index opened 3.53 points higher at 1,584.02.
On the broader market, gainers led losers 255 to 100, while 226 counters were unchanged, 1,547 untraded and 11 others suspended.
Total volume stood at 174.46 million units worth RM89.52 million.
Malacca Securities Sdn Bhd opined that the oil and gas counters may trend higher following the increase in Brent oil price of nearly 2.0 per cent, surging to its 12-month high.
“Investors may continue to look for stocks under the transport and logistics, plantation, consumer electronic, and healthcare sectors ahead of the earnings season,” it said, adding that the glove stocks turned positive in terms of technical aspects.
However, a dealer said at the same time, investors would also monitor the energy stocks, following the biggest loss of US$22 billion loss posted by Exxon Mobil Corporation.
This is its first annual loss in at least 40 years.
“The energy sector now will be under pressure,” she said.
The American multinational was reported to pledge to safeguard the S&P 500 Index’s third-largest dividend despite posting the losses.
Separately, Tan Sri Wan Zulkiflee Wan Ariffin, the former president and group chief executive officer of Petronas has been elected to the Exxon board.
Malacca Securities also said while the broader market may price in the extension of the MCO2.0 (except for Sarawak), it believes market players may turn their focus to Sarawak-related stocks following the uplift of the MCO2.0 as more economic sectors are allowed to operate moving forward.
Among the heavyweights, Maybank gained nine sen to RM7.94, Petronas Public Bank rose two sen to RM4.12, CIMB up three sen to RM3.89, and Sime Darby Plantation was four sen higher at RM4.94.
Of the actives, energy-linked companies, namely Velesto Energy, Bumi Armada and Sapura Energy, were among the actively traded stocks, adding half-a-sen, one sen and flat to 12.5 sen, 34 sen and 12 sen, respectively.
On the index board, the FBM Emas Index jumped 34.87 points to 11,480.22, the FBMT 100 Index gained 27.85 points to 11,220.80, and the FBM Emas Shariah Index was 19.99 points higher at 13,037.53.
The FBM 70 increased 37.18 points to 14,855.39 and the FBM ACE added 26.31 points to 10,817.27.
Sector-wise, the Financial Services Index increased 100.80 points to 14,549.38, the Industrial Products and Services Index edged up 0.74 of-a-point to 171.44 but the Plantation Index inched down 2.85 points to 7,163,42.
— Bernama
