KLCI down 0.8%, but energy stocks up on rising crude prices

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KUALA LUMPUR: The FBM KLCI ended decrease on Wednesday on profit-taking strain whilst energy stocks rose amid rising crude oil prices.

At 5pm, the 30-stock index fell 12.59 factors, or 0.82% to 1,530.33 after transferring between 1,541.70 and 1,525.55.

Market breadth turned unfavourable as losers overpowered the gainers on a ratio of 780-to-258 stocks. Traded volumes stood at 3.56 billion shares valued at RM2.6bil.

Bursa Malaysia’s energy index rose 1.13% as oil prices climbed to their highest since 2014 at above US$85 a barrel on a good provide outlook.

US mild crude oil rose 42 cents to US$85.85 a barrel and Brent superior 20 cents to US$87.71 per barrel.

OANDA senior market analyst Edward Moya stated Opec+ was falling in need of hitting their manufacturing quotas and if geopolitical tensions proceed to warmth up, Brent crude won’t want a lot of a push to get to US$100 a barrel.

It appears a handful of nations and areas, corresponding to UAE, Libya, Kazakhstan, Canada and North Dakota can have a disruption in crude manufacturing at any time from geopolitical tensions or attributable to chilly climate, he stated.

“The oil market will only get tighter as Asian demand improves and as many countries begin to pass the peak of the omicron variant.

“Both the supply and demand crude fundamentals have turned bullish, which means the US$90 level for Brent crude should be the next big test,” Moya stated in a be aware.

On Bursa Malaysia, Kuala Lumpur Kepong added 34 sen to RM21.40, F&N rose 24 sen to RM25.74 and Complete Logistic superior 23 sen to RM3.15.

MPI tumbled RM2.22 to RM39.78, Nestle misplaced RM1.60 to RM131.90 and Aeon Credit misplaced 46 sen to RM14.72.

Among the energy stocks, Bumi Armada added one sen to 53 sen, Hibiscus Petroleum gained one sen to 87.5 sen, KNM closed unchanged at 13.5 sen, Hengyuan rose 14 sen to RM4.02 and Petron climbed one sen to RM4.41.

On the exterior entrance, MSCI’s Asia ex-Japan inventory index was weaker by 0.61%.

Japan’s Nikkei 225 closed 2.8% decrease to 27,467.23 whereas South Korea’s Kospi closed down 21.96 factors, or 0.77%, at 2,842.28.

Hong Kong’s Hang Seng index was up 15.07 factors or 0.06% at 24,127.85.

China’s CSI300 index was down 0.68% to 4,780.38 whereas the Shanghai Composite index was down 0.33% at 3,558.18.



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