Key Takeaway: Global oil supply will exceed demand in 2025 , with an estimated surplus of over one million barrels per day (bpd) , as production outpaces consumption, the International Energy Agency (IEA) reports. According to the IEA, rising production from non-Opec+ nations, led by the US, Canada, Guyana, and Argentina , is expected to increase by 1.5 million bpd, surpassing the forecast demand growth of 990,000 bpd in 2025. The surplus poses a challenge for Opec+ as it considers raising output amidst softer oil prices. Key Factors Affecting Demand: China’s economic slowdown and a shift toward electric vehicles have dampened oil demand growth, a shift the IEA attributes to China’s reduced role in driving global oil consumption. The rapid adoption of clean energy technologies is further displacing oil use in transportation and power generation. The IEA adjusted its 2024 demand growth forecast slightly higher to 920,000 bpd, reflecting unexpected gasoil demand. However, both the 2
KUALA LUMPUR, Nov 13 (Bernama) -- Bursa Malaysia’s key index reversed early losses to end higher today on renewed interest in utilities as well as industrial product and services stocks amid the mixed performance by regional peers.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.07 points to close at 1,611.50 from yesterday’s close of 1,608.43.
The benchmark index, which opened 0.18 of-a-point higher at 1,608.61, moved between 1,602.71 and 1,611.54 during the trading session.
However, the market breadth was negative with decliners leading gainers 565 to 435, while 514 counters were unchanged, 940 untraded and 13 suspended.
Turnover narrowed to 2.82 billion units valued at RM2.22 billion versus 2.99 billion units worth RM2.54 billion yesterday.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the utilities index led Bursa Malaysia’s sectoral indices today, reflecting increased optimism and potential within the industry.
This was after news reports that a local energy firm recently received approval to operate as a merchant generator, allowing it to sell energy from a planned 29.99-megawatt facility in Kedah.
“This aligns with the sector’s shift towards renewable energy and strengthens the company’s competitive advantage, which has positively influenced other stocks within the utilities sector,” he told Bernama.
Mohd Sedek said the broader market movement remained modest today as Wall Street took a pause following a week-long rally.
He opined that investors are now awaiting the release of key inflation data scheduled for later today.
“The Consumer Price Index report is likely to attract heightened attention after September's data showed slightly elevated levels.
“Market participants are also closely monitoring the upcoming announcements of appointments within Donald Trump’s cabinet,” he added.
Among the heavyweights, Public Bank rose three sen to RM4.47, Tenaga Nasional gained 30 sen to RM14.40, CIMB Group was flat at RM8.20, while Maybank lost six sen to RM10.42 and IHH Healthcare decreased two sen to RM7.17.
Among the active stocks, newly-listed Life Water gained 29 sen to 94 sen, 3REN was flat at 41 sen, while Mpire Global gave up half-a-sen to 21 sen, Johor Plantations dipped 20 sen to RM1.25, and Mega Fortris shed four sen to 59 sen.
Source: Bernama
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