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KUALA LUMPUR (Dec 2): The FBM KLCI gained 0.15%, bucking the fall in regional markets amid stronger crude oil prices, following the Organization of Petroleum Exporting Countries (OPEC) decision to cap production starting January 2017.
The benchmark index closed 2.52 points or 0.15% higher at 1,628.96. On a week-on-week basis, the KLCI gained 0.1% from its closing of 1,627.26 on Nov 25.
The index extended yesterday’s rebound, after OPEC nations had announced a cut of 1.2 billion barrels per day in production starting next year to support subdued crude oil prices.
Hong Leong Investment Bank economist Sia Ket Ee said in a note that the positive news on the OPEC deal and the usual year-end window dressing activities could support the index, going forward.
“The traditional year-end window dressing activities are also likely to provide interim support at 1,600 – 1,611 levels, despite concerns of ringgit weakness and the conclusion of a lacklustre 3Q results season,” he said.
Across the board, some 1.28 billion shares worth RM1.46 billion were traded. Gainers edged decliners 386 to 331, while 333 counters were unchanged.
Panasonic Manufacturing Malaysia Bhd led the gainers, while Hang Seng Index warrant HSI-H85 topped the decliners. The most actively-traded stock was Hibiscus Petroleum Bhd.
Elsewhere in Asia, markets were mostly down as Japan’s Nikkei fell 0.47%, South Korea’s Kospi declined 0.66%, while Hong Kong’s Hang Seng was down 1.37%.
Reuters reported Asian shares joined Wall Street and Europe in surrendering some recent gains today, retreating on the possibility of faster-than-expected U.S. interest rate increases that boosted 10-year U.S. Treasury yields to an 18-month high overnight.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.9% and was on track to end the week 0.3% lower, it said.
Source: The Edge
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