KUALA LUMPUR: Petronas connected stocks drove the FBM KLCI bring down early Monday in front of the OPEC meeting while the baffling quarterly outcomes gave more purposes behind financial specialists to forget about cash. At 10am, the KLCI was down 4.76 focuses or 0.29% to 1,622.17. Turnover was 367.47 million shares esteemed at RM180.51mil. Decliners beat advancers four to one with 393 washouts to 102 gainers.
Kenanga Investment Bank Research said the quarterly money related outcomes discharged on Tuesday stayed baffling once more as there was no outperformers at all with two-third of the 12 comes about discharges missing figures.
On the standpoint for the market, it said specialized astute, while there are signs that the RSI and Stochastic have started to rise up out of oversold levels, the forced MACD histogram beneath the zero-line is topping the upside recuperation.
"We keep on viewing that any retracement towards the 1,620 (S1) as great gathering point on quality names. Be that as it may, any definitive decay beneath the S1 level would see the benchmark record plunging towards the 1,600 (S2) level next.
"Then again, the KLCI would need to quickly take out its prompt 1,640 (R1) level before it could hope to adapt facilitate towards 1,662 (R2)," it said. Oil markets were nervous on Wednesday in front of an OPEC meeting later in the day, with individuals from the maker cartel attempting to explode a yield slice to check oversupply that has seen costs more than divide since 2014, Reuters reported.
Global Brent unrefined fates were exchanging at US$46.55 per barrel at 0135 GMT, up 17 pennies, or 0.37% from their last close. US West Texas Intermediate (WTI) rough prospects were at US$45.52 a barrel, up 29% or 0.64% from their last settlement. Petronas Gas fell 22 sen to RM21.14 while Petronas Dagangan lost 18 sen to RM23.34.
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