FBM KLCI drifts lower amid fluid Middle Eastern situation
KUALA LUMPUR: The selling pressure in Malaysian equities continued as ongoing developments in the Iran-Israel conflict sapped appetite for equities and boosted safe-haven and energy prices.
At midday, the benchmark FBM KLCI was down 5.88 points to 1,515.11, in line with the weakness in most regional markets.
The number of declining issuers to advancers stood at a ratio of 1.63-to-1 after 2.01 billion shares changed hands for RM947.77mil.
Bank counters were led lower by Hong Leong Bank, dropping 12 sen to RM19.30 and CIMB shedding five sne to RM6.70. Maybank slid two sen to RM9.57 while RHB lost four sen to RM6.28 and Public Bank slipped two sen to RM4.21.
Port operator Westports, however, was seen surging 17 sen to RM5.20. In semiconductor-related stocks, MPI gained 14 sen to RM19.92, Vitrox jumped 10 sen to RM3.32 and Pentamaster climbed nine sen to RM2.81.
In key Asian markets, the results were mixed as the geopolitical tensions, coupled with anticipation over scheduled central bank meetings this week, left investors fumbling for sense of certainty.
In China, the composite index was down 0.19% to 3,382 while Hong Kong's Hang Seng index dropped 0.13% to 24,028.
Japan's Nikkei rose 0.3% to 25,281 and in Singapore, the Straits Times index was up 0.28% to 3,919.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
3 hours ago
- The Sun
Melaka reaffirms commitment to water tourism, draws inspiration from Venice visit
MELAKA: Melaka remains steadfast in its mission to position the state as a sustainable water tourism destination, while restoring the former glory of the Melaka River, once dubbed the 'Venice of the East'. Chief Minister Datuk Seri Ab Rauf Yusoh said this commitment was further strengthened following a recent high-impact working visit by the state government delegation to Venice, Italy - a legendary city renowned for its water-based transport and tourism industry. 'We had the opportunity to study Venice's successful boat system, including gondolas, water taxis, water buses and emergency boats, all designed with sustainability and international visitor experience in mind,' he said in a statement posted on his official Facebook page today. Ab Rauf said the visit also provided opportunities for the Melaka River and Coastal Development Corporation, which operates the Melaka River Cruise, to gain insights into waterway management technologies and share best practices in tackling climate change. 'God willing, the knowledge gained will be translated into concrete action to ensure Melaka continues progressing as a world-class water tourism destination that brings pride to Malaysia. 'From the banks of the Melaka River to the canals of Venice, may this strong friendship continue to flow and grow,' he said. Ab Rauf and the state delegation were accompanied throughout the visit by Venice deputy mayor Simone Venturini, senior officials of the Venice City Council and representatives from the Malaysian Embassy in Rome.
The Sun
3 hours ago
- The Sun
Melaka reaffirms commitment to water tourism
MELAKA: Melaka remains steadfast in its mission to position the state as a sustainable water tourism destination, while restoring the former glory of the Melaka River, once dubbed the 'Venice of the East'. Chief Minister Datuk Seri Ab Rauf Yusoh said this commitment was further strengthened following a recent high-impact working visit by the state government delegation to Venice, Italy - a legendary city renowned for its water-based transport and tourism industry. 'We had the opportunity to study Venice's successful boat system, including gondolas, water taxis, water buses and emergency boats, all designed with sustainability and international visitor experience in mind,' he said in a statement posted on his official Facebook page today. Ab Rauf said the visit also provided opportunities for the Melaka River and Coastal Development Corporation, which operates the Melaka River Cruise, to gain insights into waterway management technologies and share best practices in tackling climate change. 'God willing, the knowledge gained will be translated into concrete action to ensure Melaka continues progressing as a world-class water tourism destination that brings pride to Malaysia. 'From the banks of the Melaka River to the canals of Venice, may this strong friendship continue to flow and grow,' he said. Ab Rauf and the state delegation were accompanied throughout the visit by Venice deputy mayor Simone Venturini, senior officials of the Venice City Council and representatives from the Malaysian Embassy in Rome.
BusinessToday
3 hours ago
- BusinessToday
Ringgit Rises Amid Geopolitical Jitters, Strengthens Across the Board
The ringgit opened higher against the US dollar and a basket of other major and ASEAN currencies on Monday, buoyed by cautious trading sentiment following heightened geopolitical risks in the Middle East. At 8am, the local currency advanced to 4.2365/2600 against the greenback compared to Friday's close of 4.2435/2480. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the currency market's risk-off mode to the ongoing Israel-Iran military conflict. 'Risks of the conflict expanded in scope which undermined US military bases and assets in the Middle East region. It's going to be a risk-off mode in the currencies market,' he told local media. The ringgit also appreciated against regional currencies, strengthening against the Singapore dollar to 3.3020/3206 from 3.3077/3118, the Thai baht to 13.0310/1101 from 13.0807/1018, the Indonesian rupiah to 259.8/261.4 from 260.2/260.6, and the Philippine peso to 7.54/7.59 from 7.55/7.56. Dr Afzanizam said attention is now on oil prices, with Brent crude hovering around US$75.67 per barrel after briefly touching US$78.32. 'Judging from the prevailing oil price condition, it appears the risk-off mode has yet to result in significantly higher crude oil prices,' he noted. Against major currencies, the ringgit also saw gains. It improved against the Japanese yen to 2.9300/9467 from 2.9448/9482, climbed against the British pound to 5.7379/7697 from 5.7482/7543, and firmed up versus the euro at 4.8872/9143 from 4.8906/8958. Related
