KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
KUALA LUMPUR (March 12): The FBM KLCI climbed 6.65 points or 0.4% today to close at 1,671.28 on bargain hunting and as Asian stocks rose after the European Commission agreed to changes in an updated Brexit deal. Stronger oil prices spurred Malaysian oil and gas shares.
According to Kenny Yee, head of research at Rakuten Trade Sdn Bhd, the KLCI closed up on bargain hunting today after the index fell 15.27 points yesterday.
Today, Yee told theedgemarkets.com: "I think oil and gas stocks are the flavour of the day or flavour of the week due to OPEC talks." He said this as crude oil prices rose, spurred by Saudi Arabia Energy Minister Khalid al-Falih's comment that an end to OPEC-led supply cuts was unlikely before June.
Across Bursa Malaysia today, trading volume stood at 3.02 billion shares with a value of RM2.1 billion. Oil and gas counters Sapura Energy Bhd, Bumi Armada Bhd and Velesto Energy Bhd were the most-actively traded stocks. Top gainers included KLCI stocks Public Bank Bhd and Press Metal Aluminium Holdings Bhd.
Across Asian markets, Japan's Nikkei closed up 1.79%, South Korea's Kospi added 0.89% while Hong Kong's Hang Seng rose 1.46%. Reuters reported that the pound and Asian shares jumped on Tuesday after the European Commission agreed to changes in a Brexit deal before a vote in the British parliament on a divorce agreement that has unnerved financial markets over recent months.
It was reported that European Commission head Jean-Claude Juncker agreed to additional assurances in an updated Brexit deal with British Prime Minister Theresa May on Monday, but warned UK lawmakers would not get a third chance to endorse it.
Across crude oil markets, it was reported that oil prices rose on Tuesday, as OPEC's de facto leader Saudi Arabia appeared to deepen the group's supply cuts aimed at tightening markets, although gains were capped by the ongoing surge in US supply and worries over the global economy.
It was reported that US West Texas Intermediate (WTI) crude oil futures were at US$57.08 per barrel at 0746 GMT, up 29 cents or 0.5% from their last settlement while Brent crude futures were at US$66.82 per barrel, up 24 cents or 0.4%.
Source: The Edge
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