KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Saudi Arabia raised its main oil prices for Asian buyers as the crude market faces increased volatility due to escalating conflicts in the Middle East. Saudi Aramco, the state oil producer, increased the official selling price (OSP) of its Arab Light crude by 90 cents to a premium of US$2.20 per barrel against the regional benchmark for Asian buyers. This increase exceeded market expectations, which anticipated a 65-cent rise.
In contrast, Aramco cut oil prices for the US and Europe.
Oil prices have surged in October following Iran’s missile strikes on Israel, which came in retaliation for attacks in Lebanon that severely impacted Hezbollah’s leadership. Brent crude has jumped more than 8% this week, trading around US$78 per barrel, as fears of a potential Israeli reprisal linger.
Despite the heightened geopolitical tensions, oil markets had previously focused on concerns about weak demand, particularly from China. In response, OPEC+, led by Saudi Arabia and Russia, last month delayed a planned output increase until December. As a result, Saudi Arabia's oil exp
Comments
Post a Comment