KUALA LUMPUR, June 8 (Bernama) -- Bursa Malaysia recorded a decline of 0.82 per cent at the close today with the diversified composition of the FTSE Bursa Malaysia KLCI (FBM KLCI) helping to cushion the impact of global market weakness. Global markets were jittery amid resurfacing geopolitical tensions in West Asia and heavy selling in global technology counters. At 5 pm, the FBM KLCI finished 13.91 points lower at 1,679.52 from last Friday's close of 1,693.43. The benchmark index opened 9.89 points weaker at 1,683.54 and traded between 1,676.95 and 1,684.14 throughout the session. Losers surpassed gainers in the broader market by 916 to 340, while 455 counters were unchanged, 964 untraded and 13 suspended.
The latest developments in oil markets point to a clear trend: China is buying less crude , raising concerns about demand strength in the world’s largest energy importer. Chinese Refiners Cut Back on Purchases China’s independent refiners who the main buyers of Iranian crude are reducing operating rates as profitability weakens. Key pressures include: Negative refining margins Slower domestic fuel demand Ongoing economic headwinds These factors are forcing refiners to cut crude intake , leading to a visible drop in demand. Import Volumes Show Clear Decline The slowdown is reflected in trade flows: Iranian crude shipments to China dropped to ~1.1 million barrels per day This is the lowest level since early 2025 Given that these refiners typically account for around 90% of Iran’s exports , the decline has a significant impact on global oil demand . Rising Floating Storage Signals Oversupply With demand weakening, excess crude is buildi...