Hit by bear­ish oil news

The Sun (Malaysia) - - SPEAK UP -

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

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