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Wednesday, November 30, 2016

Market Daily Report: KLCI falls with Petronas shares ahead of OPEC decision

KUALA LUMPUR (Nov 30): The FBM KLCI declined 7.81 points or 0.48% as late selling of Petronas Dagangan Bhd and Petronas Gas Bhd shares led to a sudden drop in the KLCI. The Petronas-linked shares fell as the Organization of Petroleum Exporting Countries (OPEC) deliberate over a potential output cut.

At 5pm, the KLCI closed at 1,619.12 points. Petronas Dagangan shares fell 52 sen to RM23 while Petronas Gas dropped 38 sen to RM20.98.

KLCI-linked Petronas Dagangan and Petronas Gas were the third and fourth largest decliners respectively across Bursa Malaysia.

JF Apex Securities Bhd senior analyst Lee Cherng Wee said: "The decision by OPEC could impact oil prices, which could hopefully support the market, but the KLCI doesn't seem to follow oil price trends closely anymore as compared to before."

Bursa Malaysia saw 1.88 billion shares worth RM3.23 billion exchanged. There were 526 decliners and 276 gainers.

Reuters reported that OPEC began on Wednesday debating a deal to curtail oil production and prop up the price of crude, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action.

Ministers from OPEC started an informal meeting at 0700 GMT at the Vienna Park Hyatt hotel and were due to begin a formal gathering at OPEC headquarters at 0900 GMT.

Source: The Edge

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