A temporary ceasefire in the Middle East has failed to restore normal shipping conditions in the Strait of Hormuz , as Iran continues to exert control through a de facto “toll system” , keeping global energy markets under pressure. Strait Control Maintains Supply Risk According to reports, Iran has implemented a politically driven access system in the Strait: Iran-linked shipments: Allowed free passage Friendly nations: Charged fees exceeding US$1 million per vessel Unfriendly nations: Potentially blocked The policy effectively turns the Strait into a strategic chokepoint , reinforcing uncertainty over global oil and gas flows. The arrangement remains in place despite the ceasefire agreement announced by Donald Trump . Ceasefire Fails to Normalize Energy Flows While the US-Iran truce was expected to ease tensions, shipping activity remains limited : Many vessels are avoiding the Strait entirely Others are forc...
KUALA LUMPUR (Oct 17): The FBM KLCI dipped 5.38 points or 0.3% today, amid persistent selling pressure ahead of the mid-week Deepavali break, as local market sentiment ignored the uptrend in commodities and regional markets.
Having traded mostly sideways for much of the day, the benchmark fell to as low as 1,748.99 after 4pm, where it stayed till the end of trading hours.
When contacted, Hong Leong Investment Bank analyst Low Ley See said investors' interests are still limited to small- and mid-caps ahead of the Budget 2018 presentation on Oct 27, and the upcoming third quarter financial results announcements.
“Investors are waiting for fresh buying catalysts. They are still monitoring the US dollar and the crude oil price. There is also an overhang ahead of the upcoming election,” Low told theedgemarkets.com.
Meanwhile, Reuters reported Asian shares held firm on optimism about upcoming earnings, while oil prices clung to this month’s high on Tuesday, after Iraqi forces seized the oil-rich city of Kirkuk from largely autonomous Kurdish fighters.
Across Asia, Hong Kong’s Hang Seng Index inched upwards by 0.08% towards its 10-year high, while Japan’s Nikkei 225 rose 0.38% to its 21-year high. South Korea’s KOSPI strengthened 0.17% for another fresh all-time record.
At 5.03pm, the ringgit weakened to 4.2235 against the greenback, after two consecutive days of gains.
Back on Bursa Malaysia, decliners led gainers by 468 to 365, while 415 counters traded unchanged. Some 2.89 billion shares, worth RM2.28 billion, were traded.
Source: The Edge
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