KUALA LUMPUR (Nov 12): The FBM KLCI vacillated between gains and losses after crude oil prices fell 3% overnight and as investors evaluated the impact of record high Malaysian palm oil inventory.

The Malaysian Palm Oil Board said yesterday palm oil inventory, comprising crude palm oil and processed palm oil, rose 7.29% to 2.83 million tonnes in Oct from 2.64 million tonnes in Sept.
 
At 9:23am today the KLCI fell 5.78 points or 0.3% to 1,659.54 on losses in plantation stocks like Kuala Lumpur Kepong Bhd besides Petronas Dagangan Bhd and Petronas Gas Bhd. These stocks were Bursa Malaysia major decliners.

"We reiterate our view that KLCI will continue to lock in range-bound consolidation within 1,656 and 1,700 band in the short term on the back of uncertainties about ongoing Nov reporting season, renewed depreciation in ringgit, weakness in
crude prices coupled  with signs of further slowdown in China's economy," Hong Leong Investment Bank Bhd analyst Nick Foo Mun Pang said in a note.

At 9:32am, Bursa Malaysia saw some 317 million shares worth RM145 million changed hands. There were 199 gainers versus 225 decliners.

Top gainer was Tien Wah Press Holdings Bhd while the most-active stock was Hibiscus Petroleum Bhd.

Petroliam Nasional Bhd (Petronas)-linked shares had also fallen after the national oil company said net profit fell 91% to RM1.35 billion in its third quarter ended Sept 30, 2015 from RM15.07 billion a year earlier. Revenue declined to RM60.06 billion from RM80.37 billion.

Malaysian shares tracked Asian market losses. Japan's Nikkei 225 fell 0.28% while South Korea's Kospi declined 0.12%.

Bloomberg reported that a stronger yen weighed on Japanese exporters, while energy companies retreated after a decline in oil.