KUALA LUMPUR (Nov 22): The FBM KLCI climbed 2.04 points or 0.1% as foreign investors turned into net buyers of Malaysian shares. Crude oil gains also contributed to the KLCI's rise.

At 5pm, the KLCI closed at 1,629.32 points on gains in stocks like Petronas Gas Bhd and Genting Bhd.

Reuters reported that oil prices rose to their highest level since October on Tuesday as the market priced in an expected output cut led by producer cartel OPEC, but analysts warned that a failure to agree on a cut could lead to a deepening supply glut by early 2017.

International Brent crude oil futures rose as high as US$49.63 (RM219.19) a barrel on Tuesday, up 1.5% from the last settlement and the highest since Oct 31, before dipping back to US$49.22 per barrel at 0735 GMT, still up 32 cents or 0.65%.

In Malaysia, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com: "There seemed to be an easing off of foreign selling."

Pong, however, said investors continued to act cautiously.

Across Bursa Malaysia, 1.5 billion shares worth of RM1.81 billion were traded. Decliners outpaced gainers at 410 to 344 respectively.

Felda Global Ventures Holdings Bhd (FGV) shares fell 20 sen to RM1.69 to become the most-actively traded stock and seventh-largest decliner.

Oil palm plantation group FGV reported today a wider net loss at RM94.87 million for its third quarter of FY16 versus a net loss of RM33.92 million a year earlier.