KLCI surges with banks, Petronas stocks taking the lead

The FBM KLCI surged nearly 13 points in early Wednesday, powered by gains in Petronas stocks and banks after a month-long lacklustre trade as investors picked up riskier assets in line with the firm key Asian markets.

At 9.29am, the KLCI was up 12.92 points or 0.69% to 1,874.74. Turnover was 449.15 million shares valued at RM238.29mil. There were 253 gainers, 149 losers and 250 counters unchanged.

Wire reports said Asian stocks traded higher early trade, underpinned by US data on durable goods and consumer confidence boosted optimism in the strength of the world’s largest economy.

At Bursa Malaysia, Petronas Gas rose 22 sen to RM22.44 and Petronas Dagangan added 20 sen to Rm21.

BAT was the top gainer, up RM1.54 to RM72.94 while Carlsberg rose 14 sen to RM12.38.

Plantations were among the top gainers, with PPB Group up 32 sen to RM15.06 and KL Kepong 22 sen higher at RM22.44.

Hong Leong Bank rose 16 sen to RM14.16 and Maybank 12  sen higher at RM10.16.

CCM Duopharma Biotech fell 13  sen to RM3.24 on profit taking after weaker earnings while Supermax shed seven sen to RM2.17.

In-flight caterer Brahims’ fell seven sen to RM1.41 on weaker earnings.  Brahims’ results were below expectations as the profit for the second quarter ended June 30, 2014 missed estimates, says Alliance DBS Research.

Mudajaya fell seven sen to RM2.37 after its earnings plunged but this could be cushioned by news that it  secured a RM375mil contract for the offshore equipment procurement works for 62MW wind energy farm in the Philippines.