The FBM KLCI is likely to trade higher next week on the back of energy and finance counters due to stronger oil prices and Bank Negara Malaysia’s decision to keep the overnight policy rate (OPR) at 1.75%, according to an analyst.
KUALA LUMPUR, March 6 (Bernama): The FBM KLCI is likely to trade higher next week on the back of energy and finance counters due to stronger oil prices and Bank Negara Malaysia’s decision to keep the Overnight Policy Rate (OPR) at 1.75 per cent, according to an analyst.
Axi chief global market strategist Stephen Innes said the benchmark index would likely trade between 1,580 and 1,610 next week, well supported by banking stocks that benefited from the recent decision by the central bank at its second Monetary Policy Committee meeting. The FBM KLCI is well weighted to benefit from banking and energy, Innes told Bernama, adding that the decision made by the Organisation of the Petroleum Exporting Countries (OPEC)+ allies to extend their production cuts had shored up oil prices on Friday .
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Consumers’ pockets will finally experience slight relief as prices at petroleum pumps are anticipated to be on moderate rollback next week.
Oil companies have calculated prospective price reduction of P0.40 to P0.45 per liter for diesel products; and marginal downward adjustment of P0.10 to P0.20
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