KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia rebounded to end higher today with the benchmark FBM KLCI reclaiming the 1,700 psychological level, supported by improved global sentiment after US President Donald Trump signalled a potential de-escalation of the Iran conflict, alongside Malaysia’s stronger Industrial Production Index (IPI) data. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 27.51 points, or 1.64 per cent, to 1,701.68 from yesterday’s close of 1,674.17. The benchmark index opened 10.68 points higher at 1,684.85, its lowest point today, and hit a high of 1,703.61 in the late afternoon session. Market breadth was positive, with gainers thumping losers 929 to 382. A total of 361 counters were unchanged, 982 untraded and 19 suspended. Turnover declined to 3.60 billion units worth RM3.75 billion from yesterday’s 5.52 billion units worth RM5.87 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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