KLCI rallies nearly 12pts despite weak ringgit

The gains were due to an expected tightening of physical oil supplies, as major producers like the Organization of the Petroleum Exporting Countries (OPEC) plan to cut crude output from this month in an effort to end a fuel glut that has dogged markets since 2014. US light crude rose 46 cents to US$52.79 and Brent added 52 cents to US$55.99.

IOI Corp and PPB Group lost two sen each to RM4.41 and RM15.92 while KL Kepong added two sen to RM24.02. Innoprise jumped 12 sen to RM1.32.