Ahd, Apr

NEW YORK: Oil prices rose as much as 1 percent on Thursday, boosted by inventory draws at the U.S. crude futures' delivery hub although gains were capped by tumbling equity prices on Wall Street.

Market intelligence firm Genscape estimated a drawdown of 625,000 barrels out of the Cushing, Oklahoma delivery point for U.S. crude in the week to Sept. 22.

The Genscape estimate, coming after a stockpile drop of 462,000 barrels at Cushing reported by the U.S. Energy Information Administration (EIA) last week, drove up prices of both U.S. crude and global oil benchmark Brent.

But an equity markets selloff trimmed the gains in oil, as the Standard & Poor's 500 index <.SPX> for U.S. stocks fell on concerns of slowing global economic growth. [.N]

"There was a technical bounce after the Genscape numbers were noticed by the market, though there were also new lows from sell-stops after the S&P tanked," said Peter Donovan, broker at New York's Liquidity Energy.

U.S. crude <CLc1> settled up 43 cents, or almost 1 percent, at $44.91 a barrel. It rose 69 cents at the session peak and fell 77 cents at the low.

Brent <LCOc1> settled up 42 cents, or 0.9 percent, at

KUALA LUMPUR: Foreign selling of Malaysian equities continued for the second day Tuesday with net selling at –RM185.5mil while the market was supported by local funds with local retailers nibbling.

BIMB Securities Research said the FBM KLCI lost a further 4.1 points to close at 1,635.37 on Tuesday as foreign funds resumed their selling again.

Local institutions were net buyers at RM170.9mil and retailers at RM14.6mil.

Interestingly Bank Negara reported that its foreign reserves as at Sept 15

JAKARTA: Malaysian palm oil futures rose to a one-week high on Tuesday, supported by positive export data, a weak ringgit and dry weather conditions.

The benchmark December palm oil contract on the Bursa Malaysia Derivatives Exchange ended up 1.5 percent by the close, at 2,183 ringgit ($508) a tonne. 

Prices earlier touched 2,201 ringgit, their highest since Sept. 15, and have now gained 10 percent so far this month.

"The market is up strongly on the back of good exports, a weak ringgit and

KUALA LUMPUR: The ringgit opened easier against the US dollar in early trading today on lack of demand.

At 9.22 am, the local currency opened softer against the greenback at 4.2410/2500 compared with 4.2030/2110 at the close on Friday.

"Players opted to lock in profits following the ringgit's recent surge," a trader said.

The ringgit was traded mixed against other major currencies.

It strengthened against the Singapore dollar to 3.0179/0264 from Fridays's 3.0211/0273 and appreciated against

KUALA LUMPUR: Banks, Genting Bhd and DiGi were among the top losers in early Wednesday trade in line with the weaker Asian markets after the overnight fall on Wall Street.

At 9.07am, the KLCI was down 16.39 points or 1% to 1,618.98. Turnover was 83.21 million shares valued at RM42.96mil. Losers beat gainers 136 to 84 while 137 counters were unchanged.

Reuters reported Asian stocks fell on Wednesday as global growth worries stung Wall Street, sending investors scampering to the relative safety

The following table shows rates for Asian currencies against the dollar at 0132 GMT on Tuesday September 22.


  Change on the day at 0132 GMT

  Currency    Latest bid   Previous day    Pct Move

  Japan yen       120.34         120.57       +0.19

  Sing dlr        1.4134         1.4101       -0.23

  Taiwan dlr      32.695         32.939       +0.75

  Korean won     1178.20        1174.70       -0.30

  Baht             35.95          35.79       -0.45


KUALA LUMPUR: BIMB Securities Research expects the market to take a breather amid some inflows of foreign funds with the FBM KLCI to trend around the 1,680/700 levels on Monday.

It said foreign funds were net buyers in the week ended Sept 18 at RM685mil, snapping a long streak of weekly outflows since April this year.

It said last Friday itself, there was a net inflow of RM146.9mil.

BIMB Research said the Federal Reserve had, instead of looking at themselves, it was blaming the rest of the

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