Global fuel markets are tightening rapidly as diesel prices spike to multi-year highs , reflecting severe supply disruptions caused by the ongoing Middle East conflict. Diesel Futures Hit Highest Since 2022 European diesel futures surged to $1,493 per ton (above $200 per barrel) , rising as much as 9.4% , marking the highest level since 2022 . The rally highlights growing concerns that fuel shortages could emerge in the coming weeks , particularly if disruptions persist. Strait of Hormuz Disruption Chokes Supply The sharp price increase is largely driven by the near shutdown of the Strait of Hormuz , a critical global energy artery. Flows of refined fuels like diesel are heavily constrained Crude supply disruptions are forcing refiners to reduce output Global trade routes are being rerouted, increasing transport time and costs This has triggered a scramble among traders to secure supply, with shipments being diverted across longer an...
KUALA LUMPUR (June 5): The FBM KLCI pared some of its losses at the midday break, tracking the reversal at most regional markets, as investors awaited the announcement for the nation's short-term economic recovery plan for the June to December 2020 period later today.
The reversal of losses at the local market was partly aided by resurgent glovemakers. The healthcare index of Bursa Malaysia rose 3.71% or 88.06 points to 2,460.85.
The decliners included Nestle (M) Bhd, Malayan Banking Bhd, Can-One Bhd, PPB Group Bhd, Gas Malaysia Bhd, My EG Services Bhd, British American Tobacco (M) Bhd and Duopharma Biotech Bhd.
The actives included Hibiscus Petroleum Bhd, Advanced Synergy Bhd, Sapura Energy Bhd, Careplus Group Bhd, Sanichi Technology Bhd, KNM Group Bhd and AT Systemization Bhd.
The gainers were led by Top Glove Corp Bhd, Supermax Corp Bhd, UMW Holdings Bhd, UWC Bhd, Hartalega Holdings Bhd, Vitrox Corp Bhd, MBM Resources Holdings Bhd, Adventa Bhd and Imaspro Bhd.
Investors will closely follow Prime Minister Tan Sri Muhyiddin Yassin's scheduled announcement at 3pm today.
At 12.30pm, the FBM KLCI was down 2.39 points to 1,559.45. The index earlier fell to a low of 1,547.57.
Losers led gainers by 389 to 293, while 619 counters traded unchanged. Trading volume was 4.88 billion shares valued at RM3.14 billion.
Reuters said Asian stocks erased early losses today and were poised for their biggest weekly rise since 2011 while the euro hovered near a 1-1/2 month high as Europe's central bank surprised with more stimulus, fuelling hopes for a global rebound.
The market was a bit choppy as some investors chose to take profits ahead of today's nonfarm payrolls data, which is expected to show further deterioration in the US jobs market, it said.
Kenanga Research said that yesterday Asian stocks ended higher driven by positive sentiment on economic recovery and hopes on stimulus to support the recovery.
It said back home, the FBM KLCI rose 23.31 points (+1.52%) to finish at 1,561.84.
"Following the formation of a 'Golden Cross', the index managed to close the gap that was opened during the mid-March market meltdown, which sees it now trading above all of its key-SMAs.
"On the chart, our support levels are set at 1,530 (S1) and 1,500 (S2).
"On the upside, our resistance levels stand at 1,570 (R1) and 1,600 (R2)," it said.
Source: The Edge
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