Key regional markets ended higher today led by banking and energy stocks after crude oil hit a seven-month high of US$69.60 per barrel in New York on Thursday.Hong Kong’s Hang Seng Index closed 0.96% higher to 18,679.53 as higher crude oil prices boosted energy stocks, while electricity producers also shot up after agreeing to a nominal increase in coal contract prices in two provinces in China.
However, Shanghai’s Composite Index ended 0.48% lower to 2,753.89 as investors were wary of a planned resumption of initial public offerings that could possibly come as early as next week.
Japan’s Nikkei 225 Stock Average gained 1.02% to 9,768.01 as investors saw a weaker yen boosted export oriented counters.
Meanwhile Singapore’s Straits Times Index gained 1.27% to 2,392.74 led by the telecommunications, consumer goods and financial sectors up between 1.5% to 3.6%, but saw the index members in the industrial sector fall 0.16% for the day.
The KL Composite Index ended up 11.53 points or 1.08% to 1,075.50 at 5pm.
Heavyweight gainers for the day were Lafarge Malayan Cement gaining RM1.50 to RM6.50, Genting up 30 sen to RM6, BCHB up 30 sen to RM8.95, while top heavyweight loser was MISC-F down 20 sen to RM8.40.The Malaysian market was able to sustain its upward momentum today following from what a broker had called "its strength to advance until closing bell" on Thursday.
Market gains were also in line with the regional strength in energy and financial sectors yesterday.
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