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Wednesday, February 24, 2016

Market Daily Report: KLCI and Ringgit sink as oil falls

FBM KLCI fell 13.11 points
Reuters reported that oil prices slid on Wednesday, extending the sharp falls from the previous session after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in US crude stockpiles.

US crude futures were trading at US$31.25 per barrel at 0758 GMT, down 1.95% from their last settlement. International Brent futures were down around 1% at US$32.90 a barrel. Both dropped more than 5% in intra-day trading the previous day.

The consequence of the fall in oil prices are obvious given what we have seen in the past few months...the market fall as well.

FBM KLCI dropped by 0.8% or 13.11 points to close at 1,664.17. 

Across Asia, Japan's Nikkei 225 lost 0.85% while Hong Kong's Hang Seng shed 1.15%.

Bursa Malaysia saw 1.53 billion shares valued at RM1.51 billion traded. Decliners beat gainers at 601 versus 229.

The top gainers included Kuala Lumpur Kepong Bhd and PPB Group Bhd. 

The leading decliner was Dutch Lady Milk Industries Bhd.

The most-active stocks included APFT Bhd and KNM Group Bhd.

Among decliners, Kossan Rubber Industries Bhd fell to an intraday low of RM6.69 before closing unchanged at RM6.75.

Today, the ringgit weakened to 4.224 against the US dollar, tracking lower crude oil prices.

The ringgit tracks prices of crude oil as the commodity forms a crucial portion of the Malaysian economy and government revenue.

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