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 ...
KUALA LUMPUR (Feb 12): The FBM KLCI retreated 0.55% today to erase early gains, following weaker-than-expected GDP growth data for Malaysia in the fourth quarter of 2019.
The benchmark index rose to a high of 1,555.66 points today, before retreating from noon onwards to close 8.54 points lower at 1,542.94 as banking stocks dragged.
Earlier today, Bank Negara Malaysia announced that Malaysia's 4Q19 GDP growth came in at 3.6% — the lowest in 10 years and lower than market consensus — bringing full-year 2019 growth to 4.3%.
BNM governor Datuk Nor Shamsiah Mohd Yunus told a press briefing that the central bank has “ample room” for rate cut, after a 25-basis-point cut in January.
“The weak numbers is for 4Q19, even before the impact of the coronavirus outbreak,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng noted.
“While this month is the 4Q19 results seasons for listed companies, the data could also mean that the results for the first quarter of 2020 may not be so good,” said Wong.
Across Bursa Malaysia, 419 counters posted gains versus 405 decliners while 417 counters traded unchanged. Trading volume stood at 2.81 billion shares valued at RM2.78 billion.
Gainers were led by Fraser & Neave Holdings Bhd, Kumpulan Powernet Bhd and Scientex Bhd. Decliners were led by Hong Leong Bank Bhd, Public Bank Bhd and Chin Teck Plantations Bhd.
Elsewhere in Asia, China’s SSE Composite Index rose 0.87% — its sixth consecutive trading day of gains — as concerns about the coronavirus outbreak abated.
Similarly, Hong Kong’s Hang Seng Index rose 0.87%, while Japan’s Nikkei 225 climbed 0.74% and Singapore’s Strait Times Index rose 1.39%.
Source: The Edge
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