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Thursday, November 9, 2017

Market Daily Report: FBM KLCI up 2.61pts as oil prices climb



KUALA LUMPUR (Nov 9): The FBM KLCI closed up 2.61 points or 0.15% today at 1,746.81 points, as oil and gas (O&G) counters took centre stage on the back of rising Brent crude oil prices.

Petronas Gas Bhd, Hengyuan Refining Co Bhd, and Petron Malaysia Refining & Marketing Bhd were among the top gainers after British American Tobacco (Malaysia) Bhd.



However, the KLCI was rather choppy throughout the day, in line with other Asian markets as the geopolitical outcomes from US President Donald Trump's visit to Asian countries remains to be seen, said TA Securities technical analyst Stephen Soo.

"It will be very tough for the market to clear the hurdle of 1,751 points, although there is good downside support above the 1,740 level," Soo told theedgemarkets.com.

He added that oil price movements are likely to continue contributing to outperformance of O&G counters. Brent crude oil futures last traded at US$63.44 and have gained more than 40% since July.

Across the local exchange, some 3.09 billion shares were traded today for a total of RM2.34 billion. Gainers outpaced decliners at 399 stocks to 398.

The most actively traded stocks were PUC Bhd, Key Alliance Group Bhd, and Ho Wah Genting Bhd, while Malaysian Pacific Industries Bhd, Heineken Malaysia Bhd and Petronas Dagangan Bhd were the top decliners.

In Asian markets, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2% to a 10-year high, tracking record-breaking gains on Wall Street, Reuters reported.


South Korea's Kospi, however, was flat after rising in past weeks, while Japan's Nikkei closed down 0.2% on profit-taking.



Source: The Edge

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