Friday 29 Mar 2024
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KUALA LUMPUR (Jan 29): The FBM KLCI opened 0.45 point higher at 1,634.98 before vacillating between gains and losses, tracking Asian share losses as investors eyed Japan's weaker economic data.

In Malaysia, the KLCI rose one point to 1,635.53 at 9:30am. Across Asian share markets, Japan's Nikkei 225 fell 0.63% while South Korea's Kospi was 0.65% lower.

Reuters reported that Japan's household spending suffered the biggest annual fall in nearly a year in December and factory output slumped more than expected, renewing pressure on the central bank to ease policy further to support a fragile economic recovery.

In Malaysia, gains in oil and gas shares like Petronas Gas Bhd and Petronas Daganan Bhd were closely watched.  

M&A Securities Sdn Bhd research head Rosnani Rasul said investors were taking the cue from news reports, which indicated major global oil producers' plan to cut production to support prices.

Reuters reported that crude had jumped as much as 8% after Russian Energy Minister Alexander Novak said Saudi Arabia had proposed that oil-producing countries cut production by up to 5%, which for non-OPEC member Russia - the world's top producer - would represent around 500,000 barrels per day.

In Malaysia, Rosnani said : "This has pushed risk taking among investors in Wall Street."

"Added with the Malaysian government's new budget recalibration to shore up private consumption trend in Malaysia, we expect a good trading day in the local market today," she said.

At Bursa Malaysia, some 141 million shares worth RM87 million changed hands at 9:12am. There were 202 gainers versus 99 decliners.

Top gainer was Concrete Engineering Products Bhd while British American Tobacco (M) Bhd led decliners. Most-active was KNM Group Bhd.

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