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Wednesday, February 17, 2016

Market Daily Report: FBM KLCI's excitement fade as it closed marginally lower

FBM KLCI closed down 0.67 points

It's quite unbelievable. With the "news" of the meeting and the freeze in oil, FBM KLCI seems to have found the light at the end's tunnel but it doesn't last.

The market started on a high note, climbing to a high of 1,669.02 points in a volatile trade before closing marginally lower at 1664.32, down by 0.67 points from previous close.

The Russia and Saudi effect on oil prices doesn't last as speculation is that Iran will not join in the deal to freeze output at January levels. The oil prices dropped, reversing gains earlier in the session as the concern remains that oil's oversupply is here to stay if Iran were not part of the deal.

Brent crude was down 31 US cents at US$31.87 a barrel by 0739 GMT, after settling down US$1.21 in the previous session. It had climbed to US$32.83 a barrel in early trade on Wednesday. US crude fell 25 US cents to US$28.79 a barrel, after trading for much of the Asian session above US$29 a barrel. It ended the last session down 40 US cents.

Bursa Malaysia saw 1.75 billion shares worth RM1.62 billion traded. Gainers edge out decliners at 440 against 402.

United Plantations Bhd led decliners, while Genting Plantations Bhd led gainers. The top-active stock was Vivocom International Holdings Bhd.

The FBM KLCI's decline is in line with the region as Asian share markets were also down. 

Japan's Nikkei 225 fell 1.36%, Hong Kong's Hang Seng declined 1.03% while South Korea's Kospi closed 0.23% lower.

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