KUALA LUMPUR, March 9 (Bernama) -- Bursa Malaysia closed broadly lower today in line with widespread selling across regional markets as the intensifying conflict in the Middle East dampened investor sentiment and reignited concerns over global inflation. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 43.89 points, or 2.56 per cent, to close at 1,674.17 from last Friday’s close of 1,718.06. The benchmark index, which opened 18.93 points lower at 1,699.13, moved between 1,664.07 and 1,702.77 during the day. In the broader market, losers trounced gainers 1,141 to 283, while 308 counters were unchanged, 900 untraded, and 33 suspended. Turnover expanded to 5.52 billion units worth RM5.87 billion from last Friday’s 3.71 billion units worth RM4.05 billion.
US stock futures tumbled as oil surged past US$100 per barrel, reviving stagflation fears and threatening to derail expectations for Federal Reserve rate cuts. The renewed Middle East escalation — coupled with production cuts from major Gulf producers — is pushing energy prices sharply higher and rattling global markets. Key Takeaways S&P 500 futures fall 1.1% after worst weekly drop since October Brent crude jumps 13% to US$104 per barrel Volatility index (VIX) climbs above 30 Strategists raise probability of market “meltdown” to 35% Inflation data this week becomes critical for rate outlook Futures Extend Selloff S&P 500 futures: -1.1% Nasdaq 100 futures: -1.1% Brent crude: +13% to US$104 Oil production cuts announced by Saudi Arabia, UAE, Kuwait, and Iraq The spike in oil is amplifying fears that inflation could re-accelerate just as markets were hoping for easing monetary policy. Key Point: Sustained oil above US$100 raises the risk of inflation staying higher fo...