KLCI up 1.45 points on volatile trading day as OPEC fails to agree on output cut

KUALA LUMPUR: The FBM KLCI rose by 1.45 points as the benchmark index swung back from losses on the last trading day of October with Asian markets broadly in the red in reaction to the recent disagreement between the members of the Organisation of the Petroleum Exporting Countries (OPEC).

The benchmark index had earlier risen to an intraday high of 1,676.83 before falling sharply to 1,664.74 points during the first 30 minutes of trading today. It subsequently reversed the losses by the midday close.

As at 1230PM, total turnover for the KLCI was at 731.94 million shares valued at RM617.86mil.

The broader market was negative with losers outnumbering gainers. There were 421 losers to 212 gainers and 342 counters unchanged.

Energy counters across Asia declined after OPEC members failed to agree on output cuts during a meeting over the weekend. Stock markets turned negative on Friday following revelations over the reopening of a probe by the Federal; Bureau of Investigation into Hillary Clinton's email servers.

The dollar retreated from a seven-month high against major peers ahead of a policy meeting by the US Federal Reserve this week. Gold rose as investors switch to the safe haven ahead of the US presidential elections next week, Bloomberg reported.

The benchmark MSCI Pacific Index fell to its lowest in a month as energy counters fell. On the other hand, shares of raw materials producers rose as investors turn bullish on the domestic demand in the world's most populous nation.

Brent crude fell 26 US cents to USD49.45 while US crude fell 20 US cents to USD48.50.

Elsewhere, the ringgit marginally weakened to RM4.2002 against the greenback compared to RM4.200 on Friday.

At Bursa Malaysia, Maybank contributed 1.01 points to the KLCI's rise as the stock rose six sen to RM7.89. Genting Malaysia contributed another 1.37 points to the index after rising 14 sen to RM4.76.

Among the banks, Public Bank fell four sen to RM19.80 while Hong Leong Bank fell 24 sen to RM13.14.

Crude palm oil’s benchmark third-month contract for January delivery fell RM7 to RM2,781per tonne.

Among the key regional markets:

Japan’s Nikkei 225 fell 0.3% to 17,393.26:

Hong Kong’s Hang Seng Index rose 0.13% to 22,984.41 points;

Shanghai Composite Index fell 0.45% to 3,090.17;

Taiwan’s Taiex fell 0.01% to 9,305.89 ;

South Korea’s Kospi fell 0.57% to 2,007.91 ;

Singapore’s Straits Times Index fell 0.19% to 2,810.97 points.

Spot gold rose by USD1.45 to US$1,276.92 per troy ounce.

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