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Monday, July 3, 2017

Market Daily Report: FBM KLCI rises five points as Petronas shares gain

KUALA LUMPUR (July 3): The FBM KLCI rose five points or 0.3% on bargain hunting and as Petronas-linked shares took the cue from crude oil gains.

At 5pm, the KLCI finished at 1,768.67 points after falling to its intraday low at 1,756.37 points. Last Friday, the index fell 7.69 points to 1,763.67 points.

Today, JF Apex Securities Bhd senior analyst Lee Cherng Wee told “There does not seem to be any fresh catalysts driving the market,[therefore] the market’s performance today can be attributed to bargain hunting following a decline in performance last week."

Across Bursa Malaysia today, 1.76 billion shares worth RM1.74 billion were traded. There were 408 gainers against 404 decliners.

Oil and gas-related shares were among Bursa Malaysia top gainers. The list included KLCI-linked Petronas Gas Bhd, Petronas Dagangan Bhd and Petronas Chemicals Group Bhd.

Reuters reported that oil markets edged up on Monday, lifted by the first fall in US drilling activity in months, although price gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply.

Brent crude futures had climbed 13 cents, or 0.3 percent, to US$48.90 per barrel by 0643 GMT, after jumping 5.2 percent last week in their first weekly gain in six weeks.

Source: The Edge

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