The benchmark FTSE Bursa Malaysia KLCI rose 0.3 per cent to 1,669.64 points Thursday. The index is little changed for the week so far.
According to a Nikkei Asian Review (NAR) report, Malacca Securities said in a note that OPEC’s decision to limit production, coupled with the jump in oil prices, buoyed oil and gas stocks on Bursa Malaysia,
The KLCI could target the next resistance level of 1,680 over the near term, the brokerage said.
The ringgit rose 0.3 per cent to 4.122 against the dollar, but remains 0.3 per cent lower for the week, according to NAR.
Global crude prices jumped almost 6 per cent Wednesday after the Organisation of Petroleum Exporting Countries agreed to curtail output for the first time since 2008.
The NAR report said OPEC members had agreed to limit their production to 32.5 million to 33 million barrels per day from the current estimated output of 33.24 million barrels a day.
The details about how much each member country will produce is to be decided at a meeting in November.
The benchmark Brent crude oil contract was last down 1 per cent at USD48.15 per barrel.
According to the NAR report crude prices, which have more-than-halved since 2013 amid oversupply concerns, are currently headed for their first annual advance in four years.
On the KLCI, 15 of the 30 constituents ended higher Thursday and six closed unchanged, while overall declining issues outnumbered advancing ones 448 to 342.
SapuraKencana Petroleum jumped 4.7 per cent to RM1.57, leading gains on the KLCI. On Wednesday, SapuraKencana reported a near 8 per cent year-on-year rise in second-quarter net profit to RM112.26 million.
Sime Darby ended 1.6 per cent higher at RM7.77.
The NAR report said that earlier this week, the company said it had cut the price at which it would sell part of its stake held in property developer Eastern & Oriental to RM323.3 million to better reflect the current outlook on Malaysia’s property sector.
Malayan Banking rose 1.3 per cent to RM7.62, while RHB Bank rose 0.8 per cent to RM4.85. Petronas Chemicals rose 1.4 per cent to RM6.69.
Astro Malaysia slipped 1.7 per cent to RM2.83.