KUALA LUMPUR, June 16 (Bernama) -- Bursa Malaysia’s key index extended its rebound for a second consecutive day, closing more than one per cent higher,yh as investor sentiment remained buoyant amid improving regional market conditions and sustained buying interest in heavyweight counters. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 18.60 points, or 1.10 per cent, to 1,709.99 from yesterday's close of 1,691.39. The key index opened 0.07 of a point weaker at 1,691.32 and moved between 1,685.57 and 1,711.20 throughout the session. Market breadth was positive, with gainers outpacing losers 600 to 552, while 566 counters were unchanged, 991 untraded and 25 suspended. Turnover declined to 3.93 billion units worth RM3.45 billion from 5.02 billion units worth RM3.91 billion on Monday.
Oil prices are dropping on hopes of a US-Iran deal, but a deeper shift may be underway beneath the surface. Key Points Brent crude fell below US$83 after recent sharp declines Weak China demand (-29% imports) signals slowing consumption High US exports continue to flood global supply Hormuz reopening will be gradual , not immediate Markets are shifting focus from supply shock → demand weakness Oil is no longer just reacting to geopolitics — demand softness is starting to dominate the narrative. The Real Shift: Supply Shock → Demand Weakness It is the combination of: Weak Chinese oil demand (-29%) High US exports Gradual Hormuz reopening Together, these suggest the oil market is transitioning: From a war-driven supply shock story Toward a global demand weakness story This is a much more important shift for investors. Why This Matters Even if geopolitical tensions ease: Supply will increase steadily Demand may not keep up Inventories could...