FBM KLCI fails to rebound, oil prices rise on supply cut plans

KUALA LUMPUR: The FBM KLCI was en route to further losses at the start of October trading as global sentiment continued to weigh amid a jump in crude oil prices.

At 12.30pm, the key index was down 2.91 points to 1,391.72. There were 534 decliners compared with 189 gainers.

Trading volume was 950.07 million shares valued at RM601.57mil.

Brent crude prices rose past US$87 barrel as Opec considered slashing oil production by mroe than one million barrels a day in light of the rise in US dollar strength.

However, Bursa Malaysia's energy index failed to capitalise on the price increase, sliding 1.4% to 661.09 at the midday break, on fears of global recession dampening demand.

Meanwhile, there was an absence of leads in the Asia-Pacific region as China's markets were closed for the Golden Week holiday while Hong Kong is poised to close for it own national holiday tomorrow.

South Korea's stock exchange was also shuttered for a holiday.

Japan's Nikkei was 0.35% higher at 26,025, and Australia's ASX down 0.1% to 6,465

On Bursa's blue-chip index, Sime Darby Plantation fell seven sen to RM4.02, Press Metal dropped five sen to RM3.99, and Axiata was down four sen to RM2.58.

Gainers included Nestle up RM1.10 to RM131.60 and PETRONAS Dagangan rising 30 sen to RM20.32.

Top actives on the market were TWL up 0.5 sen to five sen, PT Resources unchanged at 46 sen and Top Glove down 1.5 sen to 61 sen.

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Bursa Malaysia , FBM KLCI , equities


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