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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Market Daily Report: KLCI declines as OPEC disappoints




KUALA LUMPUR (May 26): The FBM KLCI fell 1.66 points or 0.1% to 1,772.30 points at 5pm today, after the Organization of the Petroleum Exporting Countries' (OPEC) output cut extension disappointed investors.

Investors had earlier hoped OPEC would do more to support crude oil prices. They were disappointed by the absence of additional cut in crude oil production by OPEC.

Reuters reported at Thursday's meeting in Vienna that OPEC and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day, until the end of the first quarter of 2018. The initial agreement would have expired in June this year.

It was reported Brent futures were up 28 cents at US$51.74 a barrel at 0837 GMT today.
In Malaysia today, JF Apex Securities Bhd research head Lee Chung Cheng told theedgemarkets.com that oil and gas share losses weighed on the KLCI.

“There were some disappointment in the market after OPEC's meeting, a lot of people are expecting a bigger output cut, as you can see there were sell down on the oil and gas stocks, which dragged the whole market sentiment.

“We think this is just temporary; as you can see, oil prices have come up again towards the afternoon, but for next week, we still see sideway trading within the local market,” Lee said.

Bursa Malaysia saw 771 decliners versus 208 gainers. Trading volume was 2.86 billion shares, worth RM2.61 billion.

The biggest decliner was oil and gas entity Petron Malaysia Refining & Marketing Bhd, while Malaysian Pacific Industries Bhd led gainers.


Source: The Edge
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