FBM KLCI posts flat morning session, selldown in oil stocks continue
KUALA LUMPUR: Malaysia's benchmark stock index was flat in early session trading as a pick up in certain heavyweights helped to offset the profit-taking seen at the start of the day.
At 12.30pm, the FBM KLCI was down 0.37 points to 1,516.24, off a morning low of 1,511.09.
Maybank drove the index higher with a 15 sen gain to RM9.82, while Press Metal tacked on 12 sen to RM5.01 and PETRONAS Dagangan gained 22 sen ot RM21.44.
Public Bank weighed on the market, falling 14 sen to RM4.28. IHH Healthcare slid nine sen to RM6.76 and CIMB lost four sen to RM3.83.
With crude oil prices continuing their descent - Brent was down 2.56% to slip below US$70 a barrel while WTI shed 2.66% to US$66.67 a barrel - investors continued to unload holdings of oil and gas stocks on Bursa Malaysia.
Petron Malaysia dropped 18 sen nto RM3.70, Hibiscus Petroleum dropped 15 sen to RM1.68 and Hengyuan Refining slid 14 sen to RM1.78.
Meanwhile, Asian markets reversed loss from yesterday as investors breathed a sigh of relief that the Iran-Israel conflict had been contained.
In leading markets, Japan's Nikkei was up 1.06% to 38,758, China's CSI300 rose 1.09% to 3,899 and Hong Kong's Hang Seng rose 1.95% to 24,150.
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The Sun
35 minutes ago
- The Sun
Oil slides, stocks jump amid Iran-Israel ceasefire uncertainty
LONDON: Oil prices sank and stock markets jumped Tuesday, even as uncertainty reined over a Israel-Iran ceasefire. In volatile trading, crude futures slumped more than 5% after US President Donald Trump's declaration of a ceasefire. The oil market went on to reduce its losses, however, as Israel and Iran accused each other of breaking the ceasefire -- news confirmed by Trump. The president berated the two sides, adding that he was 'really unhappy' with Israel in particular. Despite tensions igniting once more, oil prices were still down more than 3% by early afternoon trading in Europe. 'Investors are reacting with relief to apparent news of a US-brokered ceasefire between Iran and Israel,' noted AJ Bell investment director Russ Mould. 'Gold slipped back as its safe haven attributes were less in demand,' Mould said, adding that the news weighed on share prices of oil producers and miners. The dollar retreated against main rivals after Trump once more demanded that the US Federal Reserve cut interest rates in a bid to boost the world's biggest economy. Escalating tensions in the Middle East has removed some focus from Trump's tariffs war, which threatens to dampen global economic growth. In Germany, where the DAX stocks index rallied 1.9%, Chancellor Friedrich Merz urged Iran and Israel to follow the ceasefire announced by Trump. 'We call on both Iran and Israel to heed this call from the American president,' Merz told parliament. 'If this ceasefire succeeds... then it will be a very positive development that can make the Middle East and the world safer.' French President Emmanuel Macron said Tuesday that the situation surrounding Iran remained 'volatile and unstable'. There are fears that Iran could shut the Strait of Hormuz, a chokepoint for about one-fifth of the world's oil supply. Rystad Energy analyst Jorge Leon told AFP that he believed the risk of the waterway shutting had diminished despite Iran launching missiles at a US base in Qatar in retaliation for American strikes on Tehran's nuclear facilities. Trump dismissed the attack as 'very weak', and said Iran gave 'early notice', adding no one was hurt or killed. 'I think the risk of closing Hormuz now has diminished rapidly because US and Iranian tension is already over,' Leon argued. 'I think it's more about what happens just between Israel and Iran.' - Key figures at around 1115 GMT - West Texas Intermediate: DOWN 3.1% at $66.38 per barrel Brent North Sea Crude: DOWN 3.2% at $68.30 per barrel London - FTSE 100: UP 0.3% at 8,786.54 points Paris - CAC 40: UP 1.2% at 7,625.70 Frankfurt - DAX: UP 1.8% at 23,686.87 Tokyo - Nikkei 225: UP 1.1% at 38,790.56 (close) Hong Kong - Hang Seng Index: UP 2.1% at 24,177.07 (close) Shanghai - Composite: UP 1.2% at 3,420.57 (close) New York - Dow: UP 0.9% at 42,581.78 (close) Euro/dollar: UP at $1.1596 from $1.1581 on Monday Pound/dollar: UP at $1.3606 from $1.3526 Dollar/yen: DOWN at 145.06 yen from 146.12 yen
The Star
an hour ago
- The Star
FBM KLCI ends lower despite regional rally; ringgit strengthens on ceasefire boost
KUALA LUMPUR: The FBM KLCI ended lower on Tuesday, bucking regional gains, while the ringgit posted its biggest one-day gain in nearly seven weeks against the US dollar following U.S. President Donald Trump's announcement of a ceasefire between Israel and Iran. At 5pm, the FBM KLCI bucked the regional trends, falling 2.32 points, or 0.15%, to 1,514.29 after moving between its intraday high of 1,519.06 and low of 1,511.09. On the broader market, gainers outnumbered losers 634 to 346 while 458 counters were unchanged. About 2.53 billion shares, valued at RM2.04bil, changed hands. Nestle slid 56 sen to RM75.84, Heineken fell 32 sen to RM25.48, Bintulu Port lost 26 sen to RM5.20 and IHH Healthcare declined 26 sen to RM6.59. Among the gainers, PETRONAS Dagangan jumped 68 sen to RM21.90, Hong Leong Financial Group rose 28 sen to RM16.46, Malaysian Pacific Industries climbed 28 sen to RM20.06 and Aliianz added 20 sen to RM19.08. Cuckoo International, which made its debut on the Main Market of Bursa Malaysia, closed flat at RM1.08 with 42.73 million shares traded. On the forex market, the ringgit strengthened 1.09% to 4.2480 against the US dollar, marking its most in about seven weeks. The local unit, however, weakened 0.56% against the British pound to 5.7779, while edging up 0.16% against the Singapore dollar to 3.3159. Oil prices fell sharply following news of a ceasefire between Iran and Israel. US West Texas Intermediate dropped US$2.28, or 3.33%, to US$66.23, while Brent crude declined US$2.47, or 3.46%, to US$69.01. According to Stephen Innes, managing partner at SPI Asset Management, tensions in the Middle East may still be smouldering, but from the market's perspective, the fire alarm has been turned off. 'Oil prices, once torchbearers of geopolitical panic, are now the poster child for mean reversion. Brent has collapsed more than 15% from its Monday highs, settling back into the low US$70s — and briefly plunging into the US$68 handle — as President Trump's 'complete and total' ceasefire between Israel and Iran capped off what now feels like a geopolitical false start,' he said. Equity markets in Asia reflected the improved sentiment. The MSCI Asia ex-Japan index rose 2.33%. Japan's Nikkei 225 advanced 1.14% to 38,790.56 while South Korea's Kospi closed up 2.96% at 3,103.64. Hong Kong's Hang Seng ended 2.06% higher at 24,177.07. China's CSI300 index added 1.2% to 3,904.03 while the Shanghai Composite Index gained 1.15% to 3,420.57.
The Star
an hour ago
- The Star
Ringgit rises against US dollar at the close on easing tensions in Middle East
KUALA LUMPUR: The ringgit ended higher against the US dollar, buoyed by the apparent ceasefire in the Israel-Iran conflict, said an economist. At 6 pm, the local note rose to 4.2410/2465 versus the greenback from Monday's close of 4.2915/2980. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the de-escalation also led benchmark Brent crude oil prices to retreat to US$69.56 per barrel as risks to global oil supply appear contained for now. "Financial markets are responding with a sense of relief, and risk appetite is gradually returning. "Still, it's early days. Investors remain cautious amid lingering uncertainties - particularly with the US tariff pause set to expire in early July,' he told Bernama. On the domestic front, Mohd Afzanizam said Malaysia's latest consumer price index (CPI) reading of 1.2 per cent reinforces the view that monetary policy remains tight, with real interest rates rising further. "In summary, market sentiment may stay guarded in the short term, while policymakers are likely to remain vigilant in balancing growth and stability,' he added. At the closing, the ringgit traded mostly lower against a basket of major currencies. It trended lower against the Japanese yen at 2.9256/9296 from 2.9028/9074 at Monday's close, declined versus the British pound to 5.7707/7782 from 5.7437/7524, but improved against the euro to 4.9225/9289 from 4.9236/9311 previously. The local note trended higher against its ASEAN counterparts. It advanced vis-a-vis the Indonesian rupiah to 259.3/259.7 from 260.2/260.7 at yesterday's close and gained against the Philippine peso to 7.41/7.44 from 7.44/7.46. The ringgit also appreciated against the Singapore dollar to 3.3130/3178 from 3.3188/3243 and strengthened to 12.9793/13.0021 from 12.9998/13.0250 versus the Thai baht previously. - Bernama
