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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Oil Prices Set for Weekly Gains After US Rate Cut and Declining Stockpiles

 

Oil prices remained steady in early Asian trading on Friday but are poised to end the week higher for the second consecutive week, driven by the US Federal Reserve's interest rate cut and declining global crude stockpiles.

Brent futures were trading slightly lower, down 19 cents to US$73.69 a barrel, but are up 4.3% for the week. Meanwhile, US crude rose six cents to US$72.01 a barrel, marking a 4.8% weekly gain. Both benchmarks have been recovering after reaching near three-year lows earlier this month, registering gains in five of the past seven sessions.

The Fed's half-percentage-point rate cut on Wednesday has boosted expectations of increased economic activity and energy demand, despite concerns that the move signals a weaker US labor market. Additionally, US crude inventories dropped to a one-year low last week, further supporting prices.

Analysts from Citi expect Brent crude to hover between US$70 and US$75 per barrel next quarter, citing a counter-seasonal oil market deficit of about 400,000 barrels per day (bpd). However, they warned prices could decline in 2025.

Geopolitical tensions in the Middle East are also providing upward pressure on prices, following recent explosions linked to Hezbollah in Lebanon.

Despite these positive factors, weak demand from China, the world’s second-largest economy, continues to weigh on oil markets. China’s refinery output slowed for the fifth straight month in August, with industrial output growth and retail sales also declining.

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