Blue chips shake off early caution as crude oil climbs

Multi Management & Future Solutions

KUALA LUMPUR:  After a hesitant begin on Wednesday, blue chips observed key Asian markets higher following the in a single day rebound on Wall street and crude oil prices advanced.

At nine.47am, the FBM KLCI become up 4.sixty six points or 0.29% to at least one,638.70. Turnover became 320.seventy two million stocks valued at RM180.63mil. There have been 240 gainers, 153 losers and 226 counters unchanged.

Asian percentage markets joined a global rally on Wednesday as the immediately impact of britain's vote to go away the ecu began to wane and buyers wagered principal banks could have to experience to the rescue with more stimulus measures, Reuters reported.

Oil rose early on Wednesday as economic investors poured money lower back into commodities and as a potential strike in Norway and crisis in Venezuela threatened to reduce deliver.

The twine document said Brent crude futures were buying and selling at US$48.seventy six in step with barrel at 0019 GMT, up 18 cents from their final settlement. US mild crude changed into up 30 cents at US$48.15 a barrel.

Maybank investment bank research endorsed a “sell  on  Rallies”  approach  for  Thursday.  It talked about the  July 2016 futures  changed into  at  a  small  1.96-point  top rate  against  the  FBM KLCI.

“We agree with   helps   of   1,six hundred   to   1,621   will   be   weaker,   even as   heavy  liquidation  activities  will  cap  rebounds  at  the  resistances  of  1,634  and 1,664.

“The  FBM KLCI  fell  from  the  1,729.13  excessive,  but  has  not  found  a  everlasting  floor  but.  A volatile and weaker index tone may additionally  prevail  for now, in spite of the pre-2H16 window dressing activities,”  it said.

most of the KLCI shares, BAT changed into the top gainer, up 46 sen to RM50.70 at the same time as Petronas Dagangan delivered 18 sen to RM23.40. but, Axiata and MAHB fell six sen each to RM5.52 and RM6.28.

Bintulu Port rose 35 sen to RM6.ninety eight, Pestech 28 sen to RM6.seventy eight, SAM Engineering 14 sen to RM7.ninety and Heineken  12 sen to RM15.30 while Scientex won 10 sen to RM12.10.

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