FBM KLCI lower, crude oil remains high above US$100

KUALA LUMPUR: The FBM KLCI was lower at mid-day Wednesday after oil prices remained high, above the US$100 per barrel mark.

Asian stock markets also remained largely in the red.

The benchmark FBM KLCI lost 0.38% to 1,496.49.

The FBM KLCI could surrender some of the 11-point gain made from its technical rebound yesterday, Hwang DBS said in its morning note.

On the chart, the key market barometer may be striving to stay above the resistance-turned-support line of 1,495 ahead, it added. At Bursa,market breadth was negative with only 77 counters up while 672 were down.

Plantations counters led the losers list.

Crude palm oil 3-month futures were up RM38 to RM3,584 per tonne.

Nymex crude oil added 40 cents to US$100.03 per barrel.

The ringgit was quoted at 3.0415 to the US dollar.