FBM KLCI up as oil price rise supports sentiment

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KUALA LUMPUR (Feb 15): The FBM KLCI rose after crude oil prices' overnight rise supported Malaysian share market sentiment today.

At 9am today, the KLCI opened 3.59 points up at 1,692.65. At 9:06am, the KLCI rose 1.37 points to 1,690.43 as index-linked stocks including PPB Group Bhd and 
Dialog Group Bhd climbed among Bursa Malaysia top gainers.

"Positive anticipation pending developments from the high-level US-China trade talks and sustained strength in crude oil prices over hopes for deeper OPEC supply cuts should buoy sentiment on oil & gas related stocks ahead of the weekend," TA Securities Holdings Bhd wrote in a note today.

Reuters reported that oil prices edged higher on Thursday and Brent hit the highest level this year, but gains were capped after the steepest decline in US retail spending since 2009 heightened investor fears of a global economic slowdown. 

It was reported that Brent futures ended the session up 96 cents, or 1.5 percent, at US$64.57 a barrel, after hitting a 2019 high of US$64.81, while US crude rose 51 cents, or 0.95 percent, to US$54.41 a barrel, down from a session high of US$54.68.