Friday 29 Mar 2024
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KUALA LUMPUR (Jan 21): The FBM KLCI fell 5.11 points or 0.3% on oil and gas share losses, as investors evaluated the impact of current oil prices at below US$30 a barrel.
 
At 12:30pm, the KLCI settled at 1,613.72 points on losses in stocks like SapuraKencana Petroleum Bhd and Petronas Gas Bhd. The KLCI fell, despite Asian share gains on rebound in crude oil prices.

In a note today, Affin Hwang Investment Bank Bhd said crude oil prices had fallen sharply since December 2015, raising concerns the commodity would drag the ringgit and the KLCI down with it.

"But evidence suggests that a decoupling has taken place for Brent-Ringgit and Brent-KLCI," Affin Hwang said.

Across Bursa Malaysia, decliners beat gainers at 439 to 251. Total volume was one billion shares, worth some RM660 million.

Top decliner was British American Tobacco (M) Bhd, while leading gainer was Concrete Engineering Products Bhd. Most actively-traded was Berjaya Corp Bhd.

Berjaya Corp rose 3.5 sen or 10% to 37.5 sen, with some 58 million shares done, after the company said it secured an exclusive 18-year contract to operate lottery operations in Vietnam.

Across Asian share markets, Japan's Nikkei 225 added 0.51%, while South Korea's Kospi rose 0.3%.

Reuters reported battered crude oil prices bounced back from their lows on Thursday, propelling solid gains in Asian shares and the US dollar.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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