KLCI down

KUALA LUMPUR : The FBM KLCI fell 1.05 focuses or 0.1% while the ringgit debilitated as financial specialists sat tight for more clarity on US loan fees and presidential decision. Raw petroleum value drop additionally directed Malaysian markets.

At 9:11am, the KLCI was exchanged at 1,672.87 focuses as stocks like SapuraKencana Petroleum Bhd fell. The ringgit devalued to 4.1755 against the US dollar at 9:17am.

US rate climbs don’t look good for Asian markets in expectation that speculators will move their assets into US dollar-named resources.

Less expensive unrefined petroleum may coordinate the focus on Malaysian oil and gas bolster benefit suppliers.

Reuters reported that unrefined petroleum oil settled down more than 1% at underneath US$50 a barrel on Wednesday even after an amaze drawdown in US rough inventories, as brokers stayed careful that OPEC would have the capacity to cut generation come late November.

In Malaysia today, Hong Leong Investment Bank Bhd wrote in a note that the “KLCI may keep on trading in tight range-headed example for some time” as financial specialists sat tight for more noteworthy clarity on US loan cost and political progression.

The US Federal Reserve’s Federal Open Market Committee will meet this Tuesday and wednesday (November 1 and 2) to settle on the country’s financing cost heading. The US presidential race will be held this November 8.

Hong Leong said : “Once these vulnerabilities are evacuated (expecting no negative amazes as business sectors have estimated in a Hillary Clinton triumph), KLCI will steadily crawl higher in expectation of a superior Malaysia 3Q16 GDP and less dissatisfaction in the up and coming Nov 3Q16 results season, which would in the end lift the KLCI’s 2017 profit to grow 9.5% subsequent to posting a three back to back yearly decay.”


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