BURSA MALAYSIA :
Assuaged trade war fears and higher crude oil prices helped prop up Asian markets, with Bursa Malaysia hitting an all-time high. At the finish yesterday, the local stock market benchmark, the FBM KLCI, was at a historic high of 1,895.18 points, shooting past its previous all-time high of 1,892.62 points recorded in July 2014. Gains were generally broad-based with banks and commodity-related counters leading the way. Notably, foreigners were net buyers yesterday, buying some RM929mil worth of local shares. Fears about trade tensions, specifically between the United States and China, and other geopolitical risks could re-emerge at any time.
CRUDE OIL :
Crude oil price has started to be associated with the magical US$100-per-barrel figure again, when not too long ago this number was hardly imaginable due largely to oversupply issues. At last look, the benchmark Brent crude oil was trading at US$74.33 per barrel, a level not seen in more than three years. The crucial psychological level of crude oil was US$72 per barrel which was breached last week. Now, technical indicators point toward the mid-US$80-per-barrel levels. The price of the black gold is being held up by falling inventories and expectations that production cuts by the Organisation of the Petroleum Exporting Countries (Opec) will likely be maintained.
PALM OIL :
Malaysian palm oil futures declined on Thursday evening, with the market weighed down by forecasts of slowing demand growth ahead of a data release by cargo surveyors on Friday. U.S. wheat futures edged lower on Friday but were set to post a weekly gain of nearly 4 percent as earlier forecasts of much needed rains were scaled back, heightening concerns about the condition of the U.S. crop. Oil prices on Thursday hit highs not seen since 2014, built on the ongoing drawdowns in global supply and as Saudi Arabia looks to push prices higher, though U.S. crude gave back gains in the afternoon to finish lower.
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