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 8): The FBM KLCI rose 3.74 points or 0.2% as gains in big capitalisation stocks like Malayan Banking Bhd (Maybank) supported the local share market.
At 5pm, the KLCI closed at 1,781.65 points. Maybank shares added 10 sen to RM9.80 to become Bursa Malaysia's sixth-largest gainer and 10th most-active stock.
“(On the KLCI) institutional investors are still buying in, despite the much lower volume this week. The fundamentals are still strong, investors are just avoiding overvalued counters at the moment,” an analyst told theedgemarkets.com.
The analyst said investors might be switching to safe havens from small and mid-capitalisation companies, as investors digested the news on 1Malaysia Development Bhd's financials.
Across Bursa Malaysia, 2.09 billion shares valued at RM2.26 billion changed hands. Decliners outpaced gainers at 541 against 280 respectively.
The KLCI erased losses after falling on news China's July export and import growth were below market forecast. Reuters reported that China's July exports rose 7.2 percent from a year earlier, while imports grew 11 percent, both well below analysts' forecasts, official data showed on Tuesday.
Analysts polled by Reuters had expected July shipments from the world's largest exporter to have risen 10.9 percent, easing slightly from 11.3 percent growth in June. Imports had been expected to have climbed 16.6 percent, after rising 17.2 percent in June.
Source: The Edge
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