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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Oil Prices Dip Amid Supply Prospects, China Stimulus Limits Losses

Oil prices continued their three-day slide on Friday, with Brent crude dropping by 0.28% to US$71.40 per barrel and WTI falling 0.21% to US$67.53. Both benchmarks are set for weekly losses, with Brent crude expected to shed 4% and WTI 6%.

The decline in prices is driven by expectations of increased output from Libya and the Opec+ group, which have overshadowed China’s fresh stimulus efforts. China’s central bank recently lowered interest rates and injected liquidity into the banking system to boost economic growth, sparking optimism across other asset classes, but oil markets remain fixated on supply concerns.

Libya's recent agreement to resolve a dispute that had sharply reduced its oil production is expected to restore 500,000 barrels per day to the market. Additionally, Opec+, which is currently cutting oil output by 5.86 million bpd, plans to reverse 180,000 bpd of those cuts in December.

Despite the stimulus from China, the world’s top oil importer, analysts like Priyanka Sachdeva of Phillip Nova note uncertainty over whether this will translate into higher fuel demand. While the stimulus may offer some relief, oil markets are still grappling with weakening demand and rising supply concerns.

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