KUALA LUMPUR (Aug 28): Malaysian shares may track global equities' rise and crude oil's 10% gain in anticipation of later-than-expected US interest rate hikes and that China's rate cut will support the major economy.   

In Malaysia, the spotlight could be on oil and gas-related shares like SapuraKencana Petroleum Bhd and KNM Group Bhd besides the ringgit.

The ringgit's strength correlates with prices of crude oil, which forms a crucial portion of the Malaysian economy and government revenue.

Yesterday, the FBM KLCI gained 21.33 points or 1.35% to close at its intraday high at 1,601.70 as Asian shares rallied.

The ringgit strengthened to 4.2318 against the US dollar and compared to the Singapore dollar, the ringgit changed hands at 3.0213.

Overnight, the US' Dow Jones Industrial Average climbed 2.27%, S&P 500 rose 2.43% while Nasdaq Composite was 2.45% higher.

Crude oil prices tracked world equity gains. Reuters reported that oil rocketed more than 10% higher on Thursday as world stock markets rose on hopes Chinese government measures to stimulate the economy would pay off.

Front-month Brent crude for October more than reversed a week's worth of losses, rising US$4.42 to settle at US$47.56 a barrel, marking a 10.25% rise. US crude settled up US$3.96 or 10.3% at US$42.56 per barrel.