KUALA LUMPUR (Oct 17): Malaysian shares may today track US equities' overnight rise to record closing highs on Monday as investors evaluate the impact of crude oil price gains on the ringgit.

The ringgit appears to correlate with crude oil prices as the commodity forms a crucial portion of the Malaysian economy. Higher crude oil prices may also direct the spotlight on Bursa Malaysia-listed oil and gas-related companies.
 
Yesterday, the FBM KLCI closed 0.95 point lower at 1,754.37 points. The ringgit strengthened to 4.2175 against the US dollar.

Overnight, Reuters reported that all three major U.S. stock indices rose to record closing highs on Monday, with the Dow Jones Industrial Average less than 50 points below 23,000. The Dow Jones Industrial Average rose 85.24 points or 0.37 percent to close at 22,956.96, the S&P 500 gained 4.47 points or 0.18 percent to 2,557.64 and the Nasdaq Composite added 18.20 points or 0.28 percent, to 6,624.01.

In crude oil markets, it was reported that Brent crude futures settled up 65 cents or 1.1 percent to US$57.82 per barrel as Iraqi forces entered the oil-rich city of Kirkuk, seizing territory from Kurdish fighters and briefly cutting some crude output from OPEC's second-largest producer.