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KUALA LUMPUR (Sept 8): FBM KLCI closed 2.94 points or 0.19% higher at 1,519.32 today after a late-hour spike helped the index erase previous losses, pushing the stock gauge below 1,500 amid a confluence of factors including lower crude oil prices and anticipation of Bank Negara Malaysia’s (BNM) interest rate decision this week.
Today, the KLCI closed higher at 5 p.m. after a rally, helped by the sharp rise in share prices of components such as Tenaga Nasional Bhd and Malayan Banking Bhd (Maybank) in the last hour of trading, as the Stock prices of rubber glove manufacturers fell.
In Bursa Malaysia at 5pm, 9.04 billion securities were traded for RM4.57 billion.
There were 867 rejections versus 309 winners.
The KLCI ended up rising after falling to its intraday low at 1,494.19, as the share prices of rubber glove makers Top Glove Corp Bhd and Hartalega Holdings Bhd ‘fell.
Inter-Pacific Securities Sdn Bhd Victor Wan said that the KLCI consolidation trend is ongoing as market interest continues to wane after the extended rally seen in recent months.
“We are likely to see more of the same trend in the near term, with profit taking and selling activities to continue,” Wan told theedgemarkets.com.
Today, Tenaga’s share price closed 26 sen or 2.35% higher at RM11.32, while Maybank rose 24 sen or 3.31% at RM7.50.
Top Glove’s share price fell 64 sen or 7.73% to RM7.64, while Hartalega fell 40 sen or 2.86% to RM13.60.
Manufacturers of rubber gloves are also part of Bursa’s Health Index, which includes hospital operators and pharmaceutical companies.
The Healthcare Index closed down 4% to become the lowest percentage among the Bursa indexes.
Lower crude oil prices and the anticipation of BNM’s interest rate decision on Thursday (September 10) are seen as crucial factors affecting overall market sentiment today.
In general, interest rate decisions by central banks affect confidence in equities as investors weigh the impact of such decisions in sectors such as banking and real estate.
Across the world’s crude oil markets today, oil prices were reported to have fallen on Tuesday amid concerns that a possible spike in Covid-19 cases after the long US Labor Day weekend. ., Which also marks the end of the peak driving season in the US, could reduce fuel demand.
Coronavirus cases were reported to have risen in 22 of the 50 US states, an Reuters The analysis showed, on the traditionally crowded holiday weekend to mark the end of the summer.
“At the same time, cases are increasing in India and Britain. US West Texas Intermediate (WTI) crude futures fell 76 cents or 1.9% to $ 39.01 a barrel at 0433 GMT. , catching up with a drop in Brent prices overnight.
“Brent crude futures fell 8 cents, or almost 0.2%, to $ 41.93 a barrel, after falling 1.5% on Monday. Brent fell on Monday after Saudi Arabia’s Aramco, the The world’s top oil exporter, cut official October sales prices for its Arabian light crude, seen as a sign that demand growth may be stuttering as Covid-19 cases erupt around the world. “. Reuters reported.
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