BURSA MALAYSIA (WED, 14 NOV 2018)
MID-DAY LUNCH BREAK REVIEW
BRIEF MARKET REVIEW:
The FBM KLCI lost 0.49% at the midday break today, tracking global markets and dragged by index-linked blue chips.
Stocks in Asia were trading in mixed territory in the afternoon as oil prices slipped further into negative territory.
In the oil markets, the U.S. crude futures contract fell 0.47 percent at $55.43 per barrel during the afternoon of Asian trade. The global benchmark Brent crude futures contract also shed 0.32 percent at $65.26 per barrel.
The moves in the crude markets came after oil prices fell more than 7% Tuesday to extend their losing streak to 12 straight sessions. Oil’s decline on Tuesday came after Trump said he hopes OPEC would not cut oil production in order to lift prices.
STOCKS IN THE LIMELIGHT:
AIRASIA (RM2.84, +6.37%), AIRASIA X (RM0.255, +4.08%)
Shares in low-cost carriers AirAsia Group Bhd and AirAsia X Bhd (AAX) rose in the morning session today after they were rated the best low-cost airlines in the Asia-Pacific region by AirlineRatings.com. Shares in the airlines were also in focus today as crude oil prices continued to struggle for traction on weakening global demand and oversupply concerns. AirAsia traded at a high volume of near to 10m shares at mid-day, while AirAsia X traded at a much higher volume of near to 34m shares at mid-day.
Malacca Securities Quantitative Trading and Analytics Division
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TEL: 03-2201 2100 (General)