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 (Sept 17): The FBM KLCI closed 3.05 points or 0.19% higher at 1,604.30, while Bursa Malaysia's energy index rose by a larger quantum, as investors bought shares of oil and gas (O&G)-related companies.
This followed the surge in crude oil prices after the attack on Saudi Arabia's oil facilities over the weekend led to world oil supply concerns. At 5pm today, Bursa's energy index rose 30.47 points or 2.79% to finish at 1,122.58.
Among the 30 KLCI stocks, Petronas Chemicals Group Bhd was the top percentage gainer, after closing 36 sen or 4.86% higher at RM7.77. Leading gainers included Petronas Gas Bhd, after the stock rose 18 sen or 1.11% to RM16.42.
“The gains in the KLCI was mainly led by Petronas Chemicals, Petronas Gas and Petronas Dagangan Bhd, due to Saudi’s oil production (disruption) after the drone attack. This also contributed to gains across the broader market, particularly in O&G counters,” Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com today.
At 5pm, the KLCI closed up after erasing losses in the final trading
minutes. The KLCI had earlier fallen to its intraday low at 1,597.09.
Global crude oil prices fell on Tuesday, after a spike on Monday. Reuters reported oil dropped on Tuesday, although the market remains on tenterhooks over the threat of a military response to attacks on Saudi Arabian crude oil facilities that cut the kingdom's output in half and sent prices soaring by the most in decades.
It was reported that the Saturday attack raised the prospect of a major supply shock in a market that in recent months had focused on demand concerns, due to erosion of global growth, amid the ongoing US-China trade dispute. Saudi Arabia is the world's top oil exporter and has been the supplier of last resort for decades.
"Brent crude was down 30 cents or 0.4% at US$68.72 a barrel by 0631 GMT, and West Texas Intermediate was down 57 cents or 0.9% at US$62.33 a barrel. Earlier, the crude benchmarks both fell by around 2%.
"On Monday, the prices surged nearly 20% in intraday trading in response to the attacks, the biggest jump in almost 30 years, before closing nearly 15% higher at four-month highs," Reuters said.
Source: The Edge
Global crude oil prices fell on Tuesday, after a spike on Monday. Reuters reported oil dropped on Tuesday, although the market remains on tenterhooks over the threat of a military response to attacks on Saudi Arabian crude oil facilities that cut the kingdom's output in half and sent prices soaring by the most in decades.
It was reported that the Saturday attack raised the prospect of a major supply shock in a market that in recent months had focused on demand concerns, due to erosion of global growth, amid the ongoing US-China trade dispute. Saudi Arabia is the world's top oil exporter and has been the supplier of last resort for decades.
"Brent crude was down 30 cents or 0.4% at US$68.72 a barrel by 0631 GMT, and West Texas Intermediate was down 57 cents or 0.9% at US$62.33 a barrel. Earlier, the crude benchmarks both fell by around 2%.
"On Monday, the prices surged nearly 20% in intraday trading in response to the attacks, the biggest jump in almost 30 years, before closing nearly 15% higher at four-month highs," Reuters said.
Source: The Edge
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