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 (March 11): The FBM KLCI closed up 13.36 points or 0.93% after paring gains in afternoon trades as Asian equities fell in tandem with US stock futures amid persisting concerns over the global Covid-19 outbreak. Crude oil prices rose.
At 5pm, the KLCI closed up at 1,443.83 on gains in KLCI-linked stocks like MISC Bhd, Kuala Lumpur Kepong Bhd and PPB Group Bhd, all of which ended among Bursa Malaysia’s top gainers.
"The local market should extend recovery on hopes further stimulus measures from major global economies could cushion the adverse economic impact from the coronavirus outbreak,” TA Securities Holdings Bhd wrote in a note today.
The KLCI, which earlier today rose to its intraday high of 1,454, stood out after closing higher among Asian equities, which ended lower. Japan’s Nikkei 225 fell 2.27%, South Korea’s Kospi dropped 2.78% while Hong Kong’s Hang Seng was 0.63% lower.
Across Bursa Malaysia today, 4.47 billion shares were traded for RM2.86 billion.
Among top gainers, MISC is closely watched amid the Russia-Saudi Arabia crude oil price war and as crude oil prices rebounded. MISC’s share price closed up 48 sen or 6.84% at RM7.50.
Hong Leong Investment Bank Bhd’s research team wrote in a note today that "MISC emerges as our top pick for its resilient earnings profile backed by long-term time charters, while its spot tankers are potential beneficiaries from higher oil trading.”
Reuters reported that oil prices climbed for a second day on Wednesday as hopes that US producers would cut output lent support, but gains were capped by growing doubts about Washington’s stimulus package to fight the coronavirus, which continues to spread globally.
It was reported that Brent crude futures rose US$1.26, or 3.4%, to US$38.48 a barrel by 0418 GMT, while US West Texas Intermediate crude gained US$0.91, or 2.7%, to US$35.27 a barrel.
"They have recouped nearly a half of Monday’s 25% loss, which was triggered by the clash of oil titans Saudi Arabia and Russia,” Reuters reported.
Source: The Edge
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