KUALA LUMPUR (Feb 6): The FBM KLCI rose 0.37% or 6.23 points to 1,691.24 today, bolstered by gains in oil and gas (O&G) counters on the more positive outlook for global oil prices. Analysts noted O&G counters saw fresh interest after news that the US Department of Energy could start selling off some of its strategic petroleum reserve soon in a bid to minimise the nation’s oil stockpile. “As far as active stocks are concerned, penny as well as O&G stocks are the most reactive,” Soo told The Edge Financial Daily over telephone. “With that, the O&G counters are the most active currently on the more positive outlook of global oil prices.”Active O&G stocks included Hibiscus Petroleum Bhd and Borneo Oil Bhd, which were the day’s top two active counters. “Trump’s call to scale back on financial regulations would affect the local stock market albeit not so much, for now.

Source: The Edge Markets February 06, 2017 09:56 UTC