KLCI edges higher as Petronas stocks lift, regional markets mixed while crude slides to US$12

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The FBM KLCI edged higher early Tuesday, lifted including by Petronas stocks while regional markets traded mixed as crude oil prices extended losses.

Crude extended its slide to trade near $12 a barrel after the biggest oil exchange-traded fund unexpectedly began selling all its holdings of the most active contract amid rapidly dwindling storage capacity.

At 9.05am, the FBM KLCI rose 4.64 points to 1,374.80.

The early gainers included Petronas Dagangan Bhd, Petronas Gas Bhd, QL Resources Bhd, Hong leong Financial Group Bhd, British American Tobacco (M) Bhd, United Plantations Bhd, Supermax Corp Bhd, Sinotop Holdings Bdh and Maxis Bhd.

Bloomberg said stocks opened mixed in Asia and U.S. futures dipped after a modest rally on Wall Street overnight.

Crude oil prices extended sharp losses from Monday, it said.

JF Apex Securities Research said US market rose overnight following gradual reopening of the economy from the coronavirus lockdown.

It said that similarly, European stocks climbed amid lockdown exit strategies and upcoming central banks meetings that could decide further economic stimulus.

“On the local bourse, the FBM KLCI was flat after adding 0.31 points to 1370.16 points.

“Following the bullish performances in the US and Europe, the FBM KLCI could climb towards the resistance of 1415 points,” it said.


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