Blue chips firmer, SK Petro in focus

KUALA LUMPUR: Malaysia stocks climbed on Thursday, underpinned by gains in financial-related counters and plantations while SapuraKencana Petroleum was in focus as more investments pour into the oil and gas sector.

At 10.40am, the FBM KLCI rose 0.69 of a point to 1,645.69. Turnover was 309.24 million shares valued at Rm299.82mil. Gainers led losers 266 to 218 while 287 counters were unchanged.

Bloomberg reported Asian stocks rose and the Australian dollar reached the strongest in 11 weeks as US housing starts jumped to a four-year high, boosting the outlook for company earnings in the world's biggest economy. Soybeans neared a record on concern a drought in the US will persist.

At Bursa Malaysia, there was evidence of stock picking by funds amid the firmer overall market, though there was no broad rally, fund managers said.

Allianz rose 23 sen to RM5.70 while Allianz-PA added 11 sen to RM5.66, Bursa rose 17 sen to RM6.68 on firmer earnings and RHB Cap added seven sen to RM7.55.

Plantation heavyweight IOI rose eight sen to RM5.37 and Sungai Bagan 14 sen to Rm2.99 while United Plantations added 60 sen to RM25.90 with 100 shares done. However, PPB fell eight sen to RM15.56.

SKPetro added 10 sen to RM2.44 with 12.21 million shares done. SKPetro-CB added 4.5 sen to 24 sen and SKPetro-CD 2.5 sen to 19.5 sen.

BAT was the top loser, giving up most of its previous day's gains, down 74 sen to RM57.14 and Pharmaniaga shed 12 sen to RM10.10.

Cybertowers extended its losses for the sixth day, down 4.5 sen to 32 sen with 22.60 million shares done.

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