KUALA LUMPUR: Key Asian markets are up on the back of a de-escalation in geopolitical tensions between Russia and Turkey over the downing of a Russian jet on Tuesday.
However, the KLCI remains flat due to the stall in the prices of crude oil and the ringgit, both of which had staged a strong rally throughout this week.
The index showed high volatility, having earlier touched an intraday low of 1,674.67 points before recouping the losses to close at 1,684.76 points at the midday close. This is a 0.34-point gain from yesterday’s close.
Turnover was 1.21 billion shares valued at RM782.57 mil.
The broader market was equally flattish with a similar number of advancers and decliner. There were 394 gainers to 360 losers and 309 stocks unchanged.
Oil markets remained steady as Russia’s foreign minister assured that the country will not initiate a full scale conflict with Turkey. A Russian pilot died in the incident while another was returned to safety.
Brent crude was last traded at USD46.21 per barrel while US crude rebounded from recent lows to USD43.21 per barrel.
The ringgit also was weaker at RM4.2125 at noon compared to RM4.209 yesterday as the US dollar stabilised on the lack of new signals over the US Fed’s upcoming interest rate decision on Dec 16.
US markets saw light trading yesterday as it heads into the Thanksgiving holiday on Thursday.
At Bursa Malaysia, Sime Darby Bhd
contributed 1 point to the KLCI after gaining 1.36% to RM8.18. CIMB Group Holdings Bhd contributed a decline of 0.7 points to the index as its shares fell by 1.3% to RM4.54 at the midday close.
Shares of oil and gas firm SapuraKencana Petroleum Bhd saw further gains in line with the recovery in crude oil prices. The stock gained 6 sen to RM2.26, or a 2.73% gain.
Among the banks, RHB Capital Bhd was up one sen to RM5.56. AMMB Holdings Bhd is down one sen to RM4.61 while Public Bank gained 6 sen to RM18.30.
As for telcos, DiGi was flat at RM5.11, Maxis gained 6 sen to RM6.61 and TM fell two sen to RM6.58.
Crude palm oil’s benchmark third-month contract for February delivery rose RM30 to RM2,328 per tonne.
Among the plantation companies in the KLCI, KL Kepong fell four sen to RM22.74. PPB Group fell two sen to RM15.60 while IOI Corp fell one sen to RM4.15.
Among the key regional markets:
Japan’s Nikkei 225 is up 0.69% to 19,984.56;
Hong Kong’s Hang Seng Index is up 0.99% to 22,719.63;
Shanghai Composite Index rose 0.25% to 3,657.07;
Taiwan’s Taiex rose 0.33% to 8,480.64;
South Korea’s Kospi rose 0.98% 2,029.07 and;
Singapore’s Straits Times Index is down 0.27% to 2,883.74 points.
Spot gold gained USD3.08 to USD1,074.20 per troy ounce but remains near a five year low of USD,1069 which it hit last Monday.
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