Hit by bearish oil news
BURSA Malaysia finished its trading session lower, in line with some Asian stock markets, following unfavourable news on global oil prices, dealers said. The FBM KLCI ended at 1,664.72, down 4.78 points. Overall, losers led gainers 426 to 338 while 395 counters were unchanged, 541 untraded and 37 suspended.
A dealer said the local bourse was trading downwards after Iran unexpectedly announced that major oil producing countries would walk away from negotiations without a pact.
Iran, together with other Organisation of the Petroleum Exporting Countries members, gathered in Algiers for a three-day meeting beginning on Monday to tackle a price-eroding glut of crude oil.
“However, although the local index is still in the red, it is improving supported by foreign buying. This follows the conclusion of the first US presidential debate, which many thought was won by Hillary Clinton, boosting market sentiment,” the dealer said. – Bernama