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telegram中文群组( KLCI retraces lower on US market weakness, oil counters jump


KUALA LUMPUR: Bursa Malaysia started on a soft note on Monday, as expected, as the market retraced following the rally over the previous week and US equities sharply declined on worries over a brewing Russia-Ukraine conflict.However, the Bursa Malaysia Energy Index jumped 3% to 812.18 as crude oil prices rallied further amid the growing possibility of armed conflict in the Ukraine.At 9.05am, the benchmark FBM KLCI was down 2.91 points to 1,575.98. The market breadth was negative with 277 decliners compared to 155 gainers.Despite the softness in the overall market, analysts note there could be more upsides for the domestic market in the week ahead given the release of economic data and the start of the peak corporate earnings period.Kenanga Research noted that the calendar of events include the release of the January external trade statistics on Friday while scheduled corporate results will include Dialog, KL Kepong, Sime Darby, Gas Malaysia, MR DIY and others.However, the research house also noted downside risk from the growing number of Covid-19 cases in the country."Should the daily figure continue to escalate rapidly, even though the government will highly unlikely re-impose a full lockdown, we may see a slower economy as cautious consumers cut down on their outdoor activities, which in turn could dent market sentiment," it said in a report.Among the blue chip counters, there was some retracement among most counters led by Maybank down three sen to RM6.54 and Press Metal falling four sen to RM6.65.Some notable counters going against the trend included Hong Leong Bank rising six sen to RM20.06 and Kuala Lumpur Kepong climbing eight sen to RM24.22.Meanwhile, oil and gas counters continued to soar as crude oil prices surged on the prospect of disruptions resulting from a Russia-Ukraine conflict.Brent crude futures jumped 1.5% to a new multi-year high at US$95.95 a barrel as US negotiations with Russia over the weekend yielded no progress on alleviating tensions over potential conflict in the Ukraine.Hibiscus Petroleum, the second most heavily traded stock in early trade, jumped five sen to RM1.14 while Veleto gained one sen to RM15.5 sen and Bumi Armada rose 1.5 sen to 55.5 sen.Hengyuan Refining added 15 sen to RM4.30 while Petron Malaysia gained 12 sen to RM4.80.