KUALA LUMPUR: Bursa Malaysia gapped up on Monday as oil prices retreated after US President Donald Trump signaled he could be attempting to free ships stranded in the Straits of Hormuz.
Brent crude futures for June delivery dropped 0.4% to hover near US$108 a barrel, extending the decline after having touched a high of US$126 a barrel last Friday.
The benchmark FBM KLCI rose 6.72 points to 1,728.74 in tandem with global optimism the energy crisis could be alleviated.
Sharing its market outlook for the near term, Apex Securities said the FBM KLCI is expected to remain range-bound amid the ongoing geopolitical conflict in the MIddle East and an evolving policy backdrop.
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