A spark of market losses as corporate success trickles through Increase of Oil Prices

4 min read
Malaysia Crude oil price increase

Talking about the market capitalization, the FBM KLCI closed 8.1 points or 0.59 percent at 1.380.3 after a wide-ranging purchase as investors balanced factors like higher crude oil prices and Malaysia’s corporate financial results against the COVID-19 pandemic effect on the global economy. At a glance, Malaysian shares seemed to take center stage in international trade minister Datuk Seri Mohamed Azmin Ali’s state leaders.

The Government decided that economic sectors allowed to operate during the first, second and third phases of the Movement Control Order (MCO) will be able to increase their operating ability to the maximum and operate without time limits.

In fact, a total of 4,825 billion shares priced at RM2.464 billion have been traded through Bursa. As investors analyzed financials from companies like Sapura Energy Bhd and Lotte Chemical Titan Holding Bhd, there were 630 gainers and 248 decliners as both companies have released their financial reports.

Malaysia’s corporate financial reporting season for the quarter from January to March starts as early as April while most companies disclose their results in May.

Read More News: https://www.theasianaffairs.com/malaysia/2020/04/27/covid-19-businesses-grapple-with-the-effects-of-mco/

KLCI stocks Hong Leong Financial Group Bhd and Kuala Lumpur Kepong Bhd are top gainers through Bursa today. The bulk of active stocks included Sapura Energy and VTec Bhd Notion. Notion VTec, which recorded a volume of around 112 million shares, closed at RM1.08 to 24.5 sen or 29.34 per cent.

The share price of Notion VTec has risen today after the hard disk drive manufacturer stated that its wholly-owned subsidiaries, Notion Company Sdn Bhd and Notion International (M) Sdn Bhd, which had previously obtained clearance letters from the Ministry of International Trade and Industry (MITI) to operate during the MCO, will raise operations to full capacity.

Globally, Asian shares were projected to rise to a near-two-month high as investors took heart from easing coronavirus lockdowns in some parts of the world, better-than-expected corporate earnings, and a welcome oil-price rebound.

It was confirmed that U.S. oil prices increased. They were cutting some of the losses this week as U.S. stockpiles fell less than anticipated and demand continued to increase as some European nations and U.S. cities tried to relieve lockdowns of coronavirus.

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