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Interest may shift to O&G stocks following oil price surge

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Analyst expects benchmark index to hover within the 1,450-1,460 range today.

KUALA LUMPUR: Bursa Malaysia opened lower today due to cautious sentiment ahead of the release of the US inflation figures.

Nonetheless, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng reckons that the market undertone is still firm despite the prevailing external volatility.He believes that interest may shift to the oil and gas counters today following the spike in oil prices, as Brent crude oil surged past US$92 per barrel due to tight supply.

At 9.05am, the FTSE Bursa Malaysia KLCI fell 7.28 points to 1,446.11 from 1,453.39 at yesterday’s close.On the broader market, decliners thumped gainers 179 versus 106, with 254 counters unchanged and 1,795 untraded.Bursa heavyweight counters Maybank edged down by 2 sen to RM9.14, CIMB was flat at RM5.70 and Tenaga Nasional was 1 sen lower at RM9.83.

 

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