Friday 29 Mar 2024
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KUALA LUMPUR (Feb 26): Malaysian shares may take the cue from overnight crude oil gains as investors eye domestic corporate earnings during the current financial reporting season.

Brent crude oil futures rose US$2.97 to settle at US$61.63 a barrel while US oil was US$1.71 higher at US$50.99.

Reuters reported that Brent crude oil futures surged 5% on Wednesday, after Saudi Arabia's oil minister said oil demand was growing and data showed Chinese factories were producing more than expected.

Yesterday, Malaysia's FBM KLCI fell 2.82 points or 0.16% to close at 1,815.86. Today, oil and gas-related shares like SapuraKencana Petroleum Bhd and actively-traded KNM Group Bhd may attract market interest following crude oil gains.

Companies reporting quarterly financials today include Telekom Malaysia Bhd, which will announce results for its fourth quarter and full year ended December 31, 2014 (FY14).

Telekom's cumulative 9MFY14 net profit fell to RM613.51 million from a year earlier while  revenue rose to RM8.08 million.

Today, US shares, which ended mixed in overnight trade may also dictate Malaysian market sentiment.
 
The Dow Jones Industrial Average rose 0.08% in overnight trade while S&P 500 fell 0.08%. The Nasdaq Composite was 0.02% lower.

Reuters reported that the S&P 500 closed down and Nasdaq snapped a 10-session winning streak on Wednesday as investors took profits in Apple shares, while the Dow eked out another record high close.

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