recorded a surge in net earnings to RM1.47bil in the first quarter ended March 31, 2021, from RM506mil in the previous corresponding quarter as crude oil and petrochemicals prices were boosted by global demand recovery and supply disruptions.
Revenue for the quarter jumped 20% to RM4.7bil on the back of a significant increase in average product prices due to high demand and a tight supply environment, it said in a statement accompanying its results. We are pleased to deliver an impressive set of results for 1Q 2021, marking a stark constrast to 2020 for the petrochemical industry. In addition to improved crude oil price, average product prices moved upward, higher than expected, by 20% to 30% due to tight supply of products stemming from the US winter storms in February.
Bursa Malaysia rebounded from last week's losses to open firmer today as investors heaved a sigh of relief after learning that most businesses and factories are allowed to operate under the tightened movement control order (MCO 3.0).
KUALA LUMPUR (May 21): Bursa Malaysia extended its weakness in early trade today on concerns over a potentially stricter lockdown to contain the spread of Covid-19 infections.
At 9.11am, the benchmark FBM KLCI had eased 4.48 points to 1,570.84 from yesterday’s close at 1,575.32.
The index opened 5.89 points easier at 1,569.43.
On the broader market, losers outpaced gainers 363 to 187, while 281 counters were unchanged, 1,381 untraded and 18 others suspended.
Total volume stood at 574.6 million worth RM275.39 million.
Malacca Securities Sdn Bhd said mild bargain hunting might emerge, but noted that the overall market sentiment remains cautious as investors await the National Security Council’s decision on the potentially full implementation of the movement control order (MCO) in a meeting today.
KUALA LUMPUR (May 20): Bursa Malaysia extended its weakness in early trade today on the back of weak sentiment due to the hike in new Covid-19 cases yesterday.
At 9.07am, the benchmark FBM KLCI had eased 1.66 points to 1,578.86 from yesterday’s close at 1,580.52.
The index opened 2.67 points easier at 1,577.85.
On the broader market, losers outpaced gainers 262 to 166, while 252 counters were unchanged, 1,525 untraded and 18 others suspended.
Total volume stood at 380.36 million worth RM228.29 million.
Rakuten Trade Sdn Bhd said the KLCI saw more weaknesses on record high Covid-19 cases and many fear of a more stringent lockdown.
“Anyhow, we expect the key index to trend within the 1,575-1,585 [range],” it said in a research note.
Bursa Malaysia lower at midday theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.