Iran has warned global markets to prepare for oil at US$200 per barrel , escalating rhetoric as attacks intensify and shipping through the Strait of Hormuz remains effectively frozen. While oil prices have retreated from recent highs near US$120, Tehran’s message underscores the growing risk of a prolonged energy shock. Key Takeaways Iran warns oil could surge to US$200 per barrel Strait of Hormuz remains blocked, disrupting 20% of global oil flows 14 merchant ships reportedly struck since conflict began IEA expected to propose record 400 million-barrel reserve release Markets currently betting conflict may be contained Oil Market on Edge Iran’s military command said oil prices depend on regional security — warning the world to prepare for US$200 crude if instability persists. The Strait of Hormuz, a narrow chokepoint along Iran’s coast, normally handles: About 20% of global oil shipments A significant share of global LNG trade So far: At least 14 ships have reportedly been struck...
KUALA LUMPUR (Aug 29): Malaysian stocks closed lower today, as investors continued to digest earnings from a slew of corporates and take profits ahead of the long weekend.
The benchmark FBM KLCI ended the day 6.26 points or 0.34% lower at 1,820.64, after trading between 1,815.74 and 1,822.43 throughout the day.
Market breadth was negative with 557 decliners compared with 346 gainers, while 418 counters traded unchanged. Leading movers were Hong Leong Financial Group Bhd, Kobay Technology Bhd and APM Automotive Holdings Bhd. Lagging movers were British American Tobacco (Malaysia) Bhd, Supermax Corp Bhd and Fraser & Neave Holdings Bhd.
Nevertheless, trading volume increased to 2.69 billion shares worth RM2.63 billion from yesterday's 2.57 billion shares worth RM2.29 billion.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said investors have already digested external optimism on international news such as the US-Mexico trade deal.
"Given this, we expect the index to pull back with a mild decline over the next one or two weeks before it normalises again," he told theedgemarkets.com, adding that as it is a short working week, investors may also resort to profit taking ahead of the long weekend.
"We expect the stock market tomorrow to be in the negative as well," he said.
Across the region, Reuters reported that Japan's Nikkei ended the day up 0.15% at 22,848.22. China's Shanghai Stock Exchange Composite closed down 0.31% to 2,769.30, while Hong Kong's Hang Seng closed higher by 0.23% to 28,416.44.
Source: The Edge
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