Dip in crude oil costs sends equities decrease

KUALA LUMPUR: A decline in crude oil costs in a single day gave the cue for the home inventory market to take revenue from latest positive aspects.

The fast rise in commodity costs has been protecting native blue-chips on the advance, at the same time as the continued Russian-Ukraine struggle applies strain within the US and international markets.

Nevertheless, a drop in Brent crude costs in a single day from nine-year highs put a halt to the FBM KLCI’s decline as got here inside attain of the 1,620 resistance in Thursday buying and selling.

Vitality shares on Bursa Malaysia fell 1.4% amid the pull again though the decline could possibly be short-term as potential disruptions within the Russian provide of crude to Europe may hold costs at multi-year highs.

At 9.05am, the benchmark index was down 3.87 factors to 1,614.67. The market breadth was unfavorable wtih 220 decliners in comparison with 113 gainers.

Monetary companies counters have been among the many main laggards as Maybank retraced 4 sen to RM9.08 and Public Financial institution shaved one sne to RM4.42.

MISC in the meantime misplaced 18 sen to RM7.17 whereas Press Steel slid 5 sen to RM7.17

Plantations took a step again from the rally with Kuala Lumpur Kepong dropping 38 sen to RM28.62 and Sime Darby Plantation shedding one sen to RM5.25.

Regardless of the profit-taking within the oil and gasoline sector, Petronas Chemical substances maintained its rally by 14 sen to RM10.14.


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