Shares on Bursa Malaysia opened higher today, as the energy sector led the rise following a rise in crude oil prices to US $ 55 a barrel, hitting a one-year high.
Petronas-linked companies such as Petronas Chemicals rose eight sen or 1.16% to RM6.99, Petronas Trading jumped 14 sen or 0.70% to RM20.10 while Petronas Gas was flat at RM16.20.
At 9.01am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 3.92 points to 1,584.41 from 1,580.49 when it closed on Tuesday.
Bernama reported that the index opened 3.53 points higher at 1,584.02.
In the broader market, gainers outnumbered losers by 255 to 100, while 226 counters were unchanged, 1,547 counters untraded and 11 others suspended.
Turnover stood at 174.46 million units worth RM89.52 million.
Malacca Securities Sdn Bhd is of the view that oil and gas counters may rise higher, supported by a near 2.0% increase in Brent crude oil prices, soaring to a 12-month high.
"Investors may continue to look for shares under the transport and logistics, plantation, consumer electronics and healthcare sectors ahead of the financial performance reporting period," he said in a research note.
The brokerage firm thinks the glove stock has also been technically positive.
However, other traders said at the same time, investors would also monitor energy stocks, following the biggest loss of US $ 22 billion recorded by Exxon Mobil Corporation.
That was the first annual loss in at least 40 years.
"The energy sector is currently under negative pressure," he said.
The US multinational company is reportedly committed to protecting the third largest dividend in the S&P 500 Index despite recording losses.
In another development, former Petronas Chief Executive Officer, Tan Sri Wan Zulkiflee Wan Ariffin has been elected as a member of the Exxon board of directors.
Malacca Securities also explained that although the broader market may expect an extension of the Movement Control Order 2.0, it is confident that market participants are expected to shift their focus to Sarawak-related stocks.
According to the firm, this following the withdrawal of PKP 2.0 for the state will encourage more economic sectors to be allowed to operate to move to achieve better performance.
Among heavyweights, Maybank rose nine sen to RM7.94, Public Bank added two sen to RM4.12, CIMB added three sen to RM3.89 and Sime Darby Plantation rose four sen to RM4.94.
For active stocks, energy-related companies - Velesto Energy, Bumi Armada and Sapura Energy - were among the stocks actively traded, each adding half a cent; rose one sen and remained unchanged at 12.5 sen, 34 sen and 12 sen.
On the index board, the FBM Emas Index rose 34.87 points to 11,480.22, the FBMT 100 Index added 27.85 points to 11,220.80 and the FBM Emas Syariah Index added 19.99 points to 13,037.53.
FBM 70 rose 37.18 points to 14,855.39 and FBM ACE rose 26.31 points to 10,817.27.
By sector, the Financial Services Index jumped 100.80 points to 14,549.38, the Industrial Products and Services Index rose 0.74 points to 171.44 but the Plantation Index fell 2.85 points to 7,163.42.
