KUALA LUMPUR, Sept 29 — The local index on Bursa Malaysia remained higher at mid-day, in line with other Asian stock markets following the higher global oil prices.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,669.86, up 4.90 points, from yesterday’s close of 1,664.96.

After opening 2.67 points higher at 1,667.63 this morning, the index hovered between 1,666.21 and 1,669.86 throughout the morning session.

Gainers led losers 370 to 309 with 352 counters unchanged, 693 untraded and 80 others suspended.

Turnover stood at 1.02 billion shares worth RM721.86 million.

The three-day Organisation of the Petroleum Exporting Countries (OPEC) meeting that just concluded yesterday in Algiers finally agreed to reduce the oil output, boosting the commodity’s prices today.

"This has benefited those oil exporting countries like Malaysia,” a dealer said, adding that oil and gas stocks including Petronas-linked companies, SapureKencana and Bumi Armada saw their shares improving.

Petronas Gas rose six sen to RM21.92, Petronas Dagangan improved two sen to  RM23.48 and Petronas Chemicals was nine sen higher at RM6.69.

SapureKencana added six sen to RM1.56 while Bumi Armada gained 3.5 sen to 72.5 sen.

Oil prices surged about five per cent in response, with West Texas Intermediate trading at US$46.75 per barrel.

It was noted that without the deal, oil prices could plunge to US$40 or lower.

Among heavyweights, TNB and Public Bank rose four sen each to RM14.38 and RM19.90 respectively, Maybank surged 11 sen to RM7.63 and IHH was one sen better at RM6.34.

As for actives, Sumatec, AT Systematization and Borneo Oil inched up half-a-sen each to nine sen, 6.5 sen and 18.5 sen respectively, while Hiap Teck was 1.5 sen better at 35.5 sen.

The FBM Emas Index rose 36,55 points to 11,812.93, the FBMT100 Index gained 35.61 points to 11,513.53 and the FBM Emas Shariah Index was 45.64 points higher at 12,459.71.

The FBM 70 advanced 49.44 points to 13,900.34 and the FBM Ace edged up 19.43 points to 5,248.51.

On a sectoral basis, the Industrial Index added 23.47 points to 3,135.06, the Plantation Index added 4.27 points to 7,978.13 and the Finance Index was 35.64 points better at 14,350.59. — Bernama