KUALA LUMPUR, Nov 12 (Bernama) -- Bursa Malaysia extended its losing streak for a fourth consecutive session, closing lower on Thursday amid continued broad-based selling that weighed on market sentiment, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 9.23 points or 0.57 per cent to 1,585.96 from Wednesday's close of 1,595.19. The benchmark index opened 3.61 points lower at 1,591.58 and fluctuated between an intraday low of 1,583.66 and a high of 1,592.89 throughout the day. Market breadth remained negative with losers thumping gainers 799 to 318, while 476 counters were unchanged, 1,181 untraded and 13 suspended. Turnover climbed to 3.06 billion units valued at RM2.56 billion compared with yesterday’s 2.90 billion units valued at RM2.33 billion.
While the bearish market continue in the market as oil price plunge continue, some analysts are starting to believe the bottom is near.
It is hard to predict where the bottom is but some forecasters believe the long tumble of crude oil is about to come to an end.
The average forecast in the latest survey believe that the crude oil to trade at US$64 a barrel at the end of December 2014.
With the crude oil (brent) at US$61.85 per barrel now, some analyst believe the sharp drop is coming to an end.
It is difficult to do a forecast but it is likely for us to see the oil price to trend at this level for the coming weeks.
What say you? Did the analysts get it right this time?
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