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.
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| FBM KLCI closed down 0.67 points |
It's quite unbelievable. With the "news" of the meeting and the freeze in oil, FBM KLCI seems to have found the light at the end's tunnel but it doesn't last.
The market started on a high note, climbing to a high of 1,669.02 points in a volatile trade before closing marginally lower at 1664.32, down by 0.67 points from previous close.
The Russia and Saudi effect on oil prices doesn't last as speculation is that Iran will not join in the deal to freeze output at January levels. The oil prices dropped, reversing gains earlier in the session as the concern remains that oil's oversupply is here to stay if Iran were not part of the deal.
Brent crude was down 31 US cents at US$31.87 a barrel by 0739 GMT, after settling down US$1.21 in the previous session. It had climbed to US$32.83 a barrel in early trade on Wednesday. US crude fell 25 US cents to US$28.79 a barrel, after trading for much of the Asian session above US$29 a barrel. It ended the last session down 40 US cents.
Bursa Malaysia saw 1.75 billion shares worth RM1.62 billion traded. Gainers edge out decliners at 440 against 402.
United Plantations Bhd led decliners, while Genting Plantations Bhd led gainers. The top-active stock was Vivocom International Holdings Bhd.
The FBM KLCI's decline is in line with the region as Asian share markets were also down.
Japan's Nikkei 225 fell 1.36%, Hong Kong's Hang Seng declined 1.03% while South Korea's Kospi closed 0.23% lower.

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