FBM KLCI closes 1.2% greater in 1Q

KUALA LUMPUR: The FBM KLCI ended greater on Thursday, the primary quarter of 2022, bucking the regional pattern as traders picked up bargains after the latest decline.

On the closing bell, the index went up 4.14 factors, or 0.26%, to 1,587.36. The index had earlier risen to a excessive of 1,589.06.

Yr-to-date, the FBM KLCI is up 19.83 factors, or 1.26% in opposition to 1,567.53 on Dec 31, 2021.

Broad market sentiment was constructive, with 530 losers outpacing 370 gainers and 445 counters which traded unchanged. About 2.86 billion shares, valued at RM2.36bil, modified fingers.

High gainers on Bursa Malaysia included PMB Know-how, which added 94 sen to RM18.34, Heineken Malaysia rose 44 sen to RM22.48 and Aeon Credit score gained 30 sen to RM15.12.

Nestle misplaced 90 sen to RM133.60, Genting Plantations fell 19 sen to RM8.55 and KESM declined 10 sen to RM8.60.

Among the many banks, Maybank rose six sen to RM8.94, Public Financial institution added two sen to RM4.67, RHB Financial institution climbed two sen to RM5.96, Hong Leong Financial institution superior 4 sen to RM20.20 and CIMB unchanged at RM5.33 .

In the meantime, oil costs plunged on information that the US was contemplating the discharge of as much as 180 million barrels from the nation’s strategic petroleum reserve (SPR).

US West Texas Intermediate crude (WTI) fell US$4.76 to US$103.06 and Brent misplaced US$4.05 to US$109.40 per barrel.

“These efforts level to 2 obtrusive points. First, the US has had little success in persuading OPEC members to extend output. Second, any growth in US provide to international markets that hits the oil value will solely be sustained as soon as Ukraine and Russia are near placing a ceasefire deal,” SPI Asset Administration managing associate Stephen Innes mentioned.

“That end result doesn’t appear seemingly but regardless of rising optimization earlier within the week. So maybe the strategic launch will bridge that hole till there may be much less conflict and extra peace.

“However at minimal, it might mood oil costs’ upside ambitions till we get a proper announcement from the White Home on the precise particulars,” he added.

OANDA senior analyst Jeffrey Halley nonetheless expects Brent to commerce in a uneven US$100 to US$120 vary, with WTI bouncing round in a US$95 to US$115 a barrel vary.

“An Iran nuclear settlement lastly getting over the road, together with OPEC+ month-to-month will increase and an prolonged international SPR launch will change that outlook,” he mentioned.

Among the many key regional markets:

Japan’s Nikkei 225 closed down 0.73% to 27,821.43;

Hong Kong’s Cling Seng Index fell 1.06% to 21,996.85;

Shanghai Composite Index misplaced 0.44% to three,252.20;

Taiwan’s Taiex fell 0.27% to 17,693.47 and;

South Korea’s Kospi superior 0.4% to 2,757.65 factors.


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