KUALA LUMPUR, Aug 4 — Bursa Malaysia ended higher today as investor confidence improved on the recovery in global oil prices, led by finance stocks, a dealer said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) closed at its intraday high of 1,655.29, up 6.79 points, after hitting a low of 1,651.37 earlier in the afternoon session.               

The barometer index opened 3.15 points higher at 1,651.65 from yesterday’s close of 1,648.50.

Gainers trounced losers 460 to 326 while 332 counters were unchanged, 542 untraded and 21 others suspended.

Volume declined to 2.05 billion units worth RM1.53 billion from 2.09 billion units worth RM1.60 billion yesterday.

Inter-Pacific Research Sdn Bhd Head of Research Pong Teng Siew said the finance index staged the biggest recovery on the local bourse, reflecting easing worries in the market after yesterday’s drop, caused by concerns of local bank’s exposure to the oil and gas (O&G) sector due to declining oil prices.

It was reported that banks generally have an O&G exposure level ranging from less than one per cent of their total loan portfolio for Public Bank, Alliance Financial Group and Hong Leong Bank, to five per cent for RHB Banking Group.

"The local bourse is up marginally, reflecting the slightly better sentiment following recovery in oil prices, which would boost the country’s oil and gas revenue,” he told Bernama.

US oil prices chalked up more than three per cent to US$40.83 a barrel after a larger-than-expected gasoline inventory drawdown, which offset a surprise build-up in US crude stockpiles.

The benchmark Brent crude rose 3.11 per cent to US$43.10 per barrel while US crude increased 3.34 per cent to US$40.83 per barrel.

Regional and US equities markets have also rebounded from yesterday’s losses due to the recovery in crude oil prices.

Japan’s Nikkei 225 was up 1.07 per cent to 21,739.12 and Singapore’s Straits Times rose 0.24 per cent to 2,834.30.

Among finance counters, Maybank and AMMB added seven sen each to RM7.93 and RM4.40, respectively, RHB gained 16 sen to RM4.96, Public Bank was up two sen to RM19.60 and Hong Leong Bank rose 32 sen to RM15.26. 

Of the heavyweights, Genting inched up 10 sen to RM8.20, Petronas Chemicals increased two sen to RM6.56, Sime Darby improved seven sen to RM7.58, and TNB was four sen higher at RM14.40.

Among gainers, Lay Hong jumped 85 sen to RM9.50, BAT added 70 sen to RM50.20, Mesiniaga put on 25 sen to RM1.10 and Tasek Corp rose 20 sen to RM15.20.

On the scoreboard, the FBM Emas Index rose 49.93 points to 11,621.81, the FBMT100 Index increased 47.62 points to 11,321.05 and the FBM 70 garnered 60.23 points to 13,335.85.

The FBM Emas Shariah Index gained 34.18 points to 12,235.73 and the FBM Ace rose 34.65 points to 5,408.08.

Sector-wise, the Finance Index surged 108.64 points to 14,179.46, the Industrial Index increased 11.53 points to 3,109.55, but the Plantation Index fell 18.86 points to 7,559.58.

Main Market turnover declined to 1.14 billion shares worth RM1.41 billion from 1.40 billion shares worth RM1.49 billion recorded yesterday.

The ACE Market volume increased to 321.50 million units worth RM48.58 million from yesterday’s 311.77 million units worth RM50.53 million.                

Warrants rose to 594.40 million shares worth RM68.56 million from 378.81 million shares worth RM57.43 million yesterday.

Consumer products accounted for 61.77 million shares traded on the Main Market, industrial products (201.09 million), construction (86.63 million), trade and services (459.50 million), technology (114.23 million), infrastructure (4.4 million), SPAC (4.85 million), finance (63.16 million), hotels (395,800), properties (105.92 million), plantations (26.78 million), mining (nil), REITs (8.53 million) and closed/fund (7,100). — Bernama