Market Close KLCI snaps six-day slide on oil price rebound

by **Cals** Thu 08 Jan 2015, 21:39

Market Close
KLCI snaps six-day slide on oil price rebound
KUALA LUMPUR (Jan 8): The FBM KLCI closed on a positive note today after gaining 18.88 points or 1.1% at 1728.06 points - snapping the downtrend seen over the week.
Reuters earlier reported Brent crude extended gains on Thursday to hold above US$51 a barrel - with an intraday high of US$51.91 a barrel - after an unexpected fall in US crude stocks, halting a four-session decline the previous day.
The ringgit also halted its four-day slide, as investors sentiment improved and global equities and crude oil prices rebounded. At the time of writing, the ringgit was trading at 3.5665 a dollar. The currency dropped to 3.5862 yesterday, the lowest level since July 2009.
Interpacific Securities head of research Pong Teng Siew told theedgemarkets.com he was uncertain if the market would continue to rebound, as he expected some volatility not only for the local market but also globally.
"I did expect the ringgit weakness to bottom out at some point and make a recovery, as its fall was closely related to the fall in crude oil prices," he said.
"However, the damage has already been done. Oil and gas companies are likely to take a big hit since Petronashas already decided to cut its capital and exploration expenditure," he added, noting that this would impact most companies' margins and loan repayment capabilities.
Gainers led losers 555 by 240, while 269 counters remained unchanged.
Top gainers included Kuala Lumpur Kepong Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), British American Tobacco (M) Bhd ([You must be registered and logged in to see this image.]Financial Dashboard), Panasonic Manufacturing Malaysia Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and United Plantations Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
Decliners were led by Shangri-La Hotels (Malaysia) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Boustead Heavy Industries Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), Ta Ann Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and IOI Properties Group Bhd ([You must be registered and logged in to see this image.]Financial Dashboard).
The most active counter was Minetec Resources Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), with 136.9 million shares changing hands.
Regionally, South Korea's Kospi gained 1.11%, Australia's ASX 200 ended 0.52% higher, and Japan's Nikkei 225 closed 1.67% up.