Thursday 28 Mar 2024
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KUALA LUMPUR (April 3): The FBM KLCI edged up Friday ahead of the release of Bank Negara Malaysia 2019 annual report as regional markets pushed higher on the back of firming crude oil prices.

At 9,05am, the FBM KLCI added 1.68 points to 1,332.58.

The early gainers included Petron Malaysia Refining & Marketing Bhd, Petronas Gas Bhd, Hartalega Holdings Bhd, Hong Leong Bank Bhd, Yinson Holdings Bhd, British American Tobacco (M) Bhd, Hengyuan Refining Company Bhd, Sarawak Consolidated Industries Bhd, Bursa Malaysia Bhd and Scientex Bhd.

Bloomberg reported that U.S. equity futures declined while Asian shares pushed higher as traders mulled a surge in crude oil and a grim milestone in the coronavirus outbreak. Bonds slipped.

Crude oil pared Thursday’s 22% jump, which came after President Donald Trump said Russia and Saudi Arabia would cut production. The S&P 500 closed up 2.3% with energy shares the best performers, while consumer discretionary stocks lagged after jobless claims doubled from last week to 6.6 million. The new coronavirus has now infected 1 million people across the world, a milestone reached just four months after it first surfaced. The yen fluctuated and the euro retreated, it said.

JF Apex Securities Research said US markets rose about 2% overnight as oil price rallied after President Trump said that Saudi and Russia will end the price war.

It said that earlier, European stocks climbed with energy counters leading the gains after oil price jumped about 20%.

“On the local market, the FBM KLCI gained 8.24 points to 1330.90 points.

“Following the bullish performances in global markets, the FBM KLCI could rise towards its resistance of 1370 points following the surge in oil price,” it said

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