Friday 29 Mar 2024
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KUALA LUMPUR (Aug 26): The FBM KLCI settled down 6.98 points or 0.45% at 1,547.98 at Bursa Malaysia's afternoon break today while the energy index rose the most in percentage terms after crude oil prices settled up at a five-month high in Tuesday overnight trades.

At 12:30pm today, the energy index, which tracks share prices of oil and gas-related companies, settled up 14.24 points or 1.8% at 807.36.

The KLCI pared losses after falling to its lowest so far today at 1,538.26 as share prices of rubber glove manufacturers erased and cut losses.

Top Glove Corp Bhd's share price settled up 62 sen or 2.44% at RM26.02 after falling to its lowest so far today at RM24.88.

Hartalega Holdings Bhd cut losses for a six sen or 0.36% drop to RM16.44 after falling to its lowest so far today at RM15.70.

"The local market should extend profit-taking consolidation with mild downward bias, pending return of bargain hunters when rubber glove and healthcare related stocks stabilise near lower and stronger support levels," TA Securities Holdings Bhd analysts wrote in a note today.

Across Bursa at 12:30pm, 5.82 billion securities worth RM3.4 billion were traded as oil and gas-related counters rose in active trade.

A notable stock was Sapura Energy Bhd, which registered a volume of some 157 million shares. Its share price settled up 0.5 sen or 4.17% at 12.5 sen at 12:30pm today after crude oil prices rose to a five-month high in Tuesday overnight trades.

Today, it was reported that Brent crude oil prices rose on Wednesday, lifted by US producers shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura and optimism over China-US trade talks.

It was reported that Brent crude oil futures added 12 cents, or 0.3%, to US$45.98 a barrel by 0335 GMT, while US West Texas Intermediate crude remained steady at US$43.35 a barrel. "Both benchmarks settled at a five-month high on Tuesday," Reuters reported.

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