KLCI up with Maxis after crude oil, U.S. shares decline

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KUALA LUMPUR (Jan 10): The FBM KLCI rose 4.15 points or 0.2% as investors bargain hunted for stocks like Maxis Bhd. The KLCI erased losses after choppy trade, following the overnight decline in crude oil prices and U.S. shares.

At Bursa Malaysia today, the KLCI closed at 1,672.05 points. Maxis shares climbed 17 sen to RM6.18 to become Bursa Malaysia's eighth-largest gainer.

Yesterday, the KLCI fell 7.59 points, while Maxis closed lower at RM6.01.

Today, Malacca Securities Sdn Bhd analyst Kenneth Leong told theedgemarkets.com: “Moving forward, investors will closely watch uncertainties related to the U.S. President-elect Donald Trump's policies and closely monitor crude oil prices.”

Trump's inauguration as U.S. president will be held this Jan 20. Ahead of the inauguration, investors have been anticipating Trump's press conference tomorrow (Jan 11).
Today, Bursa Malaysia saw 2.68 billion shares, worth RM2.11 billion, traded. There were 414 gainers, against 368 decliners.

Reuters reported crude oil plunged by around 4% on Monday, on concerns that rising output in Iran and also Iraq were undermining efforts to curb a global fuel supply glut that has weighed on markets for over two years. Supplies are also increasing in North America.

The Dow Jones Industrial Average was down 76.42 points or 0.38% to 19,887.38; the S&P 500 had lost 8.08 points or 0.35% to 2,268.9; and the Nasdaq Composite had added 10.76 points or 0.19% to 5,531.82.