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Monday, March 7, 2016

Market Daily Report: FBM KLCI higher as oil price gain strength

The FBM KLCI rose 5.44 points or 0.3% to close at 1,697.93 points as crude oil price gain further strength.


Brent crude oil was trading at about US$39.13 per barrel as of 5pm (Malaysia timing).

The Bursa's benchmark had earlier breached the psychological barrier of 1,700 and reached an intraday high of 1,710.2 before it slowed down.

Reuters reported oil prices rose on Monday, extending a rally that has lifted crude benchmarks by more than a third from this year's lows, as tightening supply and an improving global outlook strengthened the sentiment for a market recovery.

A total of 2.44 billion shares worth RM2.45 billion were traded on Bursa today, compared to a volume of 1.78 billion worth RM2.16 billion on Friday.

The most actively traded counters are AirAsia X’s warrant and its mother share and Bumi Armada. Bursa’s top gainers included British American Tobacco (M) Bhd, Panasonic Manufacturing (M) Bhd and United Plantations Bhd.

Reuters reported Asian shares hit two-month highs on Monday, extending sharp gains from last week, following upbeat U.S. jobs data, a rebound in oil and commodity prices, and a flurry of reassurances from Chinese leaders that the economy would remain on sound footing.

Asian share markets erased earlier gains to close lower. Japan’s Nikkei 225 dropped 0.61%, while Hong Kong’s Hang Seng was down 0.08%.

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