SapuraKencana leading in oil and gas stocks

KUALA LUMPUR – SapuraKencana is leading in oil and gas stocks following the surge in the price of crude oil.

At 9.08am, the FBM KLCI was up 1.99 points or 0.11% to 1,842.12. Turnover was 234.62 million shares valued at RM104mil. There were 221 gainers, 68 losers and 181 counters unchanged.

JF Apex Research said following the bullish sentiment in the US, it expects the KLCI to rise and test its immediate resistance of 1,845.

Reuters reported Asian stocks took cues from a global surge in equities and rose on Thursday, while the US dollar was on the defensive after weak US economic data.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.4%. South Korean and Australian stocks gained, while Japan’s Nikkei was flat.

The wire report also said US crude for May delivery had fallen 40 cents to US$55.99 a barrel by 0010 GMT. It jumped nearly 6% to a 2015 peak on Wednesday after government data showed crude oil inventories in the United States rose less than expected last week.

Brent for June delivery fell 52 cents to US$62.80 after settling US$3.51 higher in the previous session. The May contract expired on Wednesday to settle up US$1.89 at US$60.32.

At Bursa Malaysia, Deleum gained 12 sen to RM1.87, SKPetro rose eight sen to RM2.68 while Bumi Armada edged up one sen to RM1.21. However, Petronas  Chemicals was down four sen to RM5.69.

KNM rose two sen to 70 sen, Perisai added 1.5 sen to 59 sen and Sumatec  one sen to 23.5 sen.

Time dotcom rose 11 sen to RM6.17 and UMW 10 sen to RM10.88. Hong Leong Bank recovered part of  Wednesday’s losses to add eight sen to RM14.28.

Among the healthcare and pharmaceutical companies, Apex Healthcare added 13 sen to RM4.10 and Pharmaniaga eight sen to RM6.28.

IOI Corp fell four sen to RM4.52 and it  was the biggest loser among the plantations.

As for the telcos, Axiata shed three sen to RM7.01, DiGi and TM two sen each to RM6.22 and RM7.38 on news that mobile service providers have agreed to slash the price of basic broadband Internet package to only RM25 a month for 1GB mobile data plan.

Integrated poultry producer Farm Best lost two sen to 70 sen after the Securities Commission rejected its application for a series of corporate proposals, which include a reverse takeover by a China poultry player.

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