KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
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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