KUALA LUMPUR: Bursa Malaysia edged higher on Friday as growing hopes that a deal would be struck between major oil producers Saudi Arabia and Russia boosted sentiment for equities.
The Dow Jones jumped over 2% overnight as Saudi Arabia said it would call an emergency meeting between the Opec members to discuss possible supply cuts.
Oil prices rocketed higher on the news with Brent crude surging over US$5 or 21% to end at US$29.94 a barrel in the previous session. In early Friday trading, the benchmark index retreated 80 cents to US$29.14 a barrel.
At 9.03am, the FBM KLCI was up 2.14 points to 1,333.04. There were 293 gainers, 39 decliners and 148 counters unchanged.
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