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 (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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