KUALA LUMPUR (Jan 28): The FBM KLCI rose 4.39 points or 0.3%, as investors evaluated the impact of Malaysia's Budget 2016 revision announcement today.

At 12:30pm, the KLCI settled at 1,635.93 points as oil and gas counters registered gains. These included Petronas Gas Bhd and Petronas Dagangan Bhd, which were among Bursa Malaysia top gainers.

KAF Investment Funds Bhd's research analyst Tan Gan Leong said the market traded sideways, ahead of the budget revision announcement.

“However, counters with high exposure in exports are facing huge selldown as the ringgit appreciated strongly due to rebound in oil prices,” Tan told theedgemarkets.com.

Reuters reported that a bounce in oil prices offered some salve to strained nerves. While Brent crude was off 23 cents at US$32.87 a barrel, this followed a 4% jump on Wednesday, after Russia hinted at co-operation with OPEC on oversupply.

Today, Bloomberg data showed that the ringgit strengthened to 4.2118 against the US dollar.

In Malaysia, Bursa Malaysia saw 862.86 million shares, worth RM667.04 million million, traded. Decliners beat gainers at 429 versus 250.

Top decliners included Kossan Rubber Industries Bhd and Globetronics Technology Bhd. Most active was XiDeLang Holdings Ltd.

Earlier, Prime Minister Datuk Seri Najib Tun Razak announced that Malaysia's Budget 2016 revision would ensure that the nation's economic growth stayed strong, while people's welfare was taken care of.

Najib, who started announcing the revision at 12 noon, said the government planned to cut employees' Employees Provident Fund contribution by 3% between Mar 2016 and Dec 2017.

The government will also maintain the goods and services tax at 6%, according to him.

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