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Tuesday, February 23, 2016

Market Daily Report: KLCI’s gain cut while Asian region dropped as oil’s rally reversed

Just this morning, Malaysians were greeted with a good news, the oil rally of 6% and it already feels like it’s gonna be a good day for the market.

FBM KLCI closed marginally higher while Asian stocks dropped
Well, it did, at least for a start but as at 5pm, FBM KLCI closed at 1,677.28 points on profit taking after reaching an intraday high at 1,685.88.

In the Asia region, Japan's Nikkei 225 fell 0.37%, South Korea's Kospi dropped 0.11%, while Hong Kong's Hang Seng down to 0.25%.

The oil rally on Monday that had boosted global equity markets made a U-turn. US front-month West Texas Intermediate (WTI) crude futures were trading at US$32.72 per barrel at 0753 GMT, down 67 US cents from Monday's settlement.

International benchmark Brent was also down 61 US cents at US$34.08 a barrel.

On Monday, we have seen oil prices jumped to as much as 7% as there are speculations over the falling US shale output fed the notion that crude prices may be bottoming after their 20-month collapse.

In Europe, Euro and sterling were hit by uncertainty over Britain's membership of the European Union.

Bursa Malaysia saw 1.91 billion shares valued at RM1.8 billion traded. Gainers outpaced decliners at 438 against 417.
The top gainer was Panasonic Manufacturing Malaysia Bhd while the leading decliners included Nestle (M) Bhd and Cycle & Carriage Bintang Bhd. The most active stock was APFT Bhd.


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