KLCI drops by 10.62 pts as oil price falls

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KUALA LUMPUR (Nov 15): The FBM KLCI declined 10.62 points or 0.6% mainly on Petronas Dagangan Bhd shares' steep drop in the final trading minutes as crude oil losses impacted sentiment. Asian shares fell after US equities' overnight losses.  

At Bursa Malaysia, the KLCI closed at 1,722.99 points at 5pm. Petronas Dagangan fell 64 sen to RM23.08 to become Bursa Malaysia's top decliner.

At the time of writing, Brent crude oil fell to US$61.70 a barrel.

"The negative news on China’s disappointing data and US (share) market (drop) along with the decline in oil price have triggered the selldown that we are seeing,” Rakuten Trade Sdn Bhd vice-president Vincent Lau said.

Across Bursa Malaysia, 2.34 billion shares worth RM2.28 billion were traded. Decliners led gainers by 583 to 254 respectively. Top decliners included oil and gas-related companies Petron Malaysia Refining & Marketing Bhd and Hengyuan Refining Co Bhd.

Across Asian share markets, Japan’s Nikkei 225 closed 1.57% lower while Hong Kong’s Hang Seng fell 1.03%.

Earlier, Reuters reported that Asian stocks stumbled on Wednesday after weaker crude oil prices took a toll on Wall Street, while the euro kept big gains after enjoying a boost from robust German economic growth.

It was reported that oil prices fell more than 1 percent on Wednesday, continuing Tuesday's slide after the International Energy Agency cast doubts over the past few months' narrative of tightening fuel markets.

Brent crude futures were at US$61.33 per barrel at 0515 GMT, down 88 cents, or 1.4 percent from their last close.