KUALA LUMPUR, Sept 2 (Bernama) -- Bursa Malaysia ended higher on Wednesday on bargain hunting following the recent sell-off, ahead of Bank Negara Malaysia’s (BNM) overnight policy rate (OPR) decision on Thursday. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.20 points 1,708.74, compared with Tuesday’s close of 1,700.54. The benchmark index opened 0.42 of a point better at 1,700.96 and fluctuated between 1,695.89 and 1,709.71 throughout the day. On the broader market, losers trounced gainers 746 to 424, while 554 counters were unchanged, 1,048 untraded and 17 suspended. Turnover declined to 4.20 billion units valued at RM3.52 billion from 5.52 billion units valued at RM4.42 billion on Tuesday.
The latest developments in oil markets point to a clear trend: China is buying less crude , raising concerns about demand strength in the world’s largest energy importer. Chinese Refiners Cut Back on Purchases China’s independent refiners who the main buyers of Iranian crude are reducing operating rates as profitability weakens. Key pressures include: Negative refining margins Slower domestic fuel demand Ongoing economic headwinds These factors are forcing refiners to cut crude intake , leading to a visible drop in demand. Import Volumes Show Clear Decline The slowdown is reflected in trade flows: Iranian crude shipments to China dropped to ~1.1 million barrels per day This is the lowest level since early 2025 Given that these refiners typically account for around 90% of Iran’s exports , the decline has a significant impact on global oil demand . Rising Floating Storage Signals Oversupply With demand weakening, excess crude is buildi...