Key Takeaways Renewed US-Iran tensions pushed Brent crude briefly above US$80 , reigniting concerns over global energy supplies. Despite geopolitical uncertainty, Wall Street avoided a sharp sell-off , suggesting investors believe the conflict remains manageable for now. Higher oil prices have revived expectations of a Federal Reserve rate hike , as markets worry about renewed inflation. Technology stocks remained relatively resilient , showing that AI continues to provide underlying support for equities. The next move in oil prices could determine whether market volatility returns. Market Insight When news broke that the US had launched fresh strikes on Iran , investors immediately rushed into the oil market. Brent crude briefly climbed above US$80 a barrel , as fears grew that escalating tensions could disrupt supplies through the Strait of Hormuz , one of the world's busiest energy shipping routes. Yet the reaction in equities was far more measured. Although the S...
KUALA LUMPUR (Aug 25): The FBM KLCI fell 6.33 points or 0.4% as index-linked Genting Bhd, Genting Malaysia Bhd and Sime Darby Bhd shares declined. At 5pm, the KLCI closed at 1,769.17 points.
Genting Bhd and Genting Malaysia shares dropped on news Puan Sri Lee Kim Hua, widow of Genting Group's late founder Tan Sri Lim Goh Tong, passed away this morning. She was 88.
Sime Darby shares fell after the group said net profit fell to RM571 million in the fourth quarter ended June 30, 2017 (4QFY17), from RM1.23 billion a year earlier.
Full-year net profit rose to RM2.44 billion, from RM2.42 billion a year earlier.
At 5pm, Genting Malaysia shares declined 23 sen to RM5.82, to become Bursa Malaysia's fourth-largest decliner. Genting Bhd shares closed four sen lower at RM9.75, after falling to their intraday low at 9.62. Sime Darby shares fell 10 sen to RM9.13.
Across Bursa Malaysia, two billion shares exchanged hands for RM1.94 billion. A total of 313 counters gained versus 503 decliners.
Malaysian shares bucked Asian equity gains. Japan’s Nikkei 225 gained 0.51%, while Hong Kong's Hang Seng was up 1.2%.
In Malaysia, TA Securities Holdings Bhd wrote in a note today: "Overall market sentiment should remain cautious, as investors are likely to return their focus on a central banking conference in Jackson Hole, later in the day."
Reuters reported Asian stocks advanced on Friday, once again shrugging off a sluggish day on Wall Street, and the dollar strengthened as attention shifted to the central bankers' symposium that began on Thursday in Jackson Hole, Wyoming.
The dollar rose as investors turned their attention to the Jackson Hole central bankers' meeting at which Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are due to speak on Friday, although no new policy messages are expected from either.
Source: The Edge
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