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Singapore Growth Risks Rise as Oil Shock Clouds Outlook

Singapore markets opened marginally higher, but underlying sentiment remains cautious as  Middle East tensions threaten economic growth and inflation stability . Market Holds Steady Despite Rising Risks The  FTSE Singapore Straits Times Index  edged up  0.05% to 4,899.83 , reflecting a  balanced market tone : Advancers: 57 | Decliners: 47 Trading activity remained relatively muted This suggests investors are  waiting for clearer macro signals  amid global uncertainty. Global Headwinds: Oil and Tech Weigh on US Markets On Wall Street, markets were mixed: Nasdaq Composite Index  fell  0.7% S&P 500 Index  declined  0.4% Dow Jones Industrial Average  rose  0.1% Losses in  technology stocks  and rising oil prices offset relatively  dovish comments from  Jerome Powell , who signalled no immediate need for rate hikes. Singapore Growth Outlook Faces Downside Risks RHB flagged  rising downside risks to ...
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Market Daily Report: FBM KLCI up 14.18 points as Bursa volume nears seven billion shares




KUALA LUMPUR (Jan 8): The FBM KLCI rose 14.18 points or 0.8% as volume across Bursa Malaysia neared seven billion shares. Fund managers said Malaysian shares gained from factors including sustained crude oil price gains and positive US market sentiment.

At Bursa Malaysia, the KLCI closed at 1,832.15 points as index-linked oil and gas companies Petronas Gas Bhd and Petronas Dagangan Bhd shares rose among top gainers.

Across Bursa Malaysia, 6.96 billion shares worth RM4.59 billion were traded. Sapura Energy Bhd was the most-active stock followed by UMW Oil & Gas Corp Bhd.

"Sustained crude oil prices is viewed as very positive to Malaysia. (Malaysia's stock) market has run up again following the positive sentiment from the US and moving forward, the positive sentiment will drive the market higher," Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com.

Reuters reported that US West Texas Intermediate crude futures were at US$61.62 a barrel at 0344 GMT, 18 cents, or 0.3 percent, above their last settlement. Brent crude futures were at US$67.77 a barrel, 15 cents, or 0.2 percent, above their last close.

The ringgit strengthened with crude oil prices. Against the Singapore dollar, the ringgit appreciated to 3.0011 at 5pm. The exchange rate today was between between 2.9976 and 3.0110.

Compared to the US dollar, the ringgit was traded at 3.9980 at 5:58pm after trading between 3.9865 and 3.9980 today.


Source: The Edge
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