KUALA LUMPUR (March 16): The FBM KLCI ended up 3.04 points or 0.19% at 1,623.96 today after Asian equity indices closed higher and as investors weighed speculation on Malaysia’s political uncertainty due to opposition leader Datuk Seri Anwar Ibrahim’s surprise press conference, which was scheduled at 4:30pm today.

News reports quoting Anwar said today that he dismissed queries about a possible partnership with Umno for the 15th general election. It was reported that Anwar indicated talks in this direction were still at a very early stage.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the KLCI's gains today were not significant due to speculation on "fresh political uncertainty" in Malaysia and as the 30-stock KLCI took a cue from weakness in crude oil and crude palm oil prices.

The KLCI closed higher today after rising to its intraday high at 1,625.52 and falling to its intraday low at 1,617.92 as Asian equities tracked US stock indices overnight rise.

Today, it was reported that Asian stocks rose on Tuesday, tracking Wall Street's advance to record highs, as investors anticipated the US Federal Reserve and other central banks meeting this week will keep policies accommodative to help drive a post-pandemic global economic recovery.

In commodity markets, it was reported that crude oil prices dropped on Tuesday, extending declines to three consecutive days, as rising stockpiles in the US added to the risks to a demand recovery after countries including Germany and France halted Covid-19 vaccinations. 

"Brent crude was down 69 cents, or 1%, at US$68.19 by 0531 GMT, having dropped 0.5% on Monday. US crude was down 69 cents, or 1.1%, at US$64.70 a barrel, after declining 0.3% in the previous session,” Reuters reported.

Across Bursa Malaysia, there were 724 decliners versus 457 gainers. Trading volume stood at 11.88  billion shares worth RM5.56 billion.

Most active stocks included Scomi Group Bhd and newly-listed Teladan Setia Group Bhd.

Top-active stock Scomi registered a volume of 1.03 billion shares. The counter’s price jumped 7.5 sen or 214.29% to close at 11 sen.

Teladan Setia, which was listed on Bursa’s ACE Market today at 48 sen, closed up at 57 sen with about 197 million shares traded.

Meanwhile, notable gainers included FGV Holdings Bhd, after its share price closed up 27 sen or 20.77% at RM1.57.

It was reported that the Federal Land Development Authority (Felda) has failed in its bid to take FGV private at RM1.30 per share. It was reported that Felda only obtained 81% equity interest in the plantation group when the offer closed at 5pm on Monday (March 15), according to FGV’s filing with Bursa.

It was reported that Felda was required to obtain 90% of FGV shares which it does not own from the acceptance of its takeover offer, in order to trigger a compulsory share acquisition and to take the listed company private.