KUALA LUMPUR, July 9 (Bernama) -- Bursa Malaysia closed lower on Thursday as renewed geopolitical tensions in West Asia weighed on investor sentiment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.97 points, or 0.36 per cent, to 1,677.64 from Wednesday's close of 1,683.61. The benchmark index opened 2.62 points lower at 1,680.99, and moved between 1,676.18 and 1,683.80 throughout the session. However, market breadth was slightly positive, with gainers leading losers 533 to 504, while 547 counters were unchanged, 1,112 untraded, and 12 suspended. Turnover slipped to 2.64 billion units valued at RM2.19 billion from 2.96 billion units valued at RM2.18 billion on Wednesday.
The financial market is being very volatile, partly influenced by the oil price's volatility. But unlike last week, we have a more positive news circulating the financial world....Saudi to meet Russia in Doha on Tuesday, to discuss the market.
This good news definitely is shared by the global market as most markets seen an uptrend after a bad week last week.
Oil advances above $30 on the news Saudi Arabia’s Oil Minister Ali al- Naimi will speak with his Russian counterpart Alexander Novak in the Qatari capital.
This is an interesting development given that Iran is getting into the game as well.
Oil is still down about 17 percent this year BP Plc predicts the market will remain “tough and choppy” in the first half as it contends with a surplus of 1 million barrels a day. Speculators’ long positions in West Texas Intermediate through Feb. 9 rose to the highest since June, according to data from the U.S. Commodity Futures Trading Commission.
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| Saudi meeting Russia to talk about oil this Tuesday could be the salvation |
This good news definitely is shared by the global market as most markets seen an uptrend after a bad week last week.
Oil advances above $30 on the news Saudi Arabia’s Oil Minister Ali al- Naimi will speak with his Russian counterpart Alexander Novak in the Qatari capital.
This is an interesting development given that Iran is getting into the game as well.
Oil is still down about 17 percent this year BP Plc predicts the market will remain “tough and choppy” in the first half as it contends with a surplus of 1 million barrels a day. Speculators’ long positions in West Texas Intermediate through Feb. 9 rose to the highest since June, according to data from the U.S. Commodity Futures Trading Commission.
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