save malaysia!

Bursa Malaysia closes midday in negative territory mirroring regional markets

Publish date: Mon, 15 Apr 2024, 01:55 PM

KUALA LUMPUR: Bursa Malaysia concluded the morning trading session with a decline, mirroring the trend seen in many regional markets, attributed to increasing geopolitical tensions in the Middle East.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 6.46 points or 0.42 per cent to 1,544.58 from last Friday's close of 1,551.04.

The market breadth remained negative, as losers led gainers 955 to 189, while 310 counters remained unchanged.

Malacca Securities Sdn Bhd anticipates the market could turn weaker amid concerns over Iran, which might retaliate further, and provide more uncertainty in stock markets.

"Given the flattish earnings from the US banking corporates, we believe the focus could be on the inflationary pressure and Middle East worries."The traders could shift their attention towards defensive sectors such as utilities and consumer," it said.

On the commodity front, Brent oil price traded at US$90 while gold price traded US$2,300 to US$2,400 on the back of heightened geopolitical risk.

Malacca Securities said the crude palm oil (CPO) prie managed to form a rebound along the RM4,230 zone.

Be the first to like this. Showing 0 of 0 comments

Post a Comment