KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Malaysia's energy stocks extended their rally on Friday as oil prices continued to climb, driven by escalating fears of Middle East tensions.
The Bursa Malaysia Energy Index, which tracks 23 oil-and-gas stocks, surged as much as 4.2%. Dialog Group Bhd (KL
), a key player in storage terminals, led the charge, climbing over 4% to RM2.23. Similarly, Yinson Holdings Bhd (KL
), a services firm, was up 3% to RM2.73.
This surge in oil prices reflects "elevated geopolitical worries," according to Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho Bank. However, he noted that it falls short of indicating fears of an all-out conflict.
The Brent crude benchmark jumped to US$78, a sharp rise from under US$70 last month, as concerns mount over potential Israeli strikes on Iran’s oil production capabilities, following recent conflicts. Iran, the world’s seventh-largest oil producer, contributes nearly three million barrels per day to global supply.
More updates are expected as the situation develops.
Comments
Post a Comment