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Quick take: Hibiscus rises 5% as oil prices jump to 1-year high
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Bursa Energy Index up the most as crude oil tops US$70 a barrel
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KUALA LUMPUR (March 5): The FBM KLCI bucked the regional trend to close higher, boosted by the positive performance of banking stocks and a rebound in glove counters.
The index was back above the 1,600 mark, closing at 1,600.12 for a gain of 18.86 points or 1.19% from yesterday.
Rakuten Trade Research head of equity sales Vincent Lau said market sentiment was buoyed by buying interest in banking stocks.
Sentiment was also lifted by bargain hunting among rubber glove stocks after the selldown yesterday, Lau told theedgemarkets.com.
Also contributing to the market’s positive performance was renewed buying of oil and gas (O&G) stocks on the back of an increase in oil prices after Saudi Arabia and its OPEC+ allies extended their production cuts.
Quick take: O&G counters boosted by oil price rally
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Wednesday, 17 Feb 2021 06:11 PM MYT
he Kuala Lumpur stock market gave up early gains to close 0.68 per cent lower today, dipping below the 1,600-point threshold, in tandem with most regional peers. Picture by Hari Anggara
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KUALA LUMPUR, Feb 17 The Kuala Lumpur stock market gave up early gains to close 0.68 per cent lower today, dipping below the 1,600-point threshold, in tandem with most regional peers, dealers said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 10.85 points to 1,595.29 from 1,606.14 at yesterday’s close.
The index opened 3.37 points higher at 1,609.51, its intraday high, and hit a low of 1,593.80 in the afternoon session before gaining some steam towards closing.