KUALA LUMPUR, June 8 (Bernama) -- Bursa Malaysia recorded a decline of 0.82 per cent at the close today with the diversified composition of the FTSE Bursa Malaysia KLCI (FBM KLCI) helping to cushion the impact of global market weakness. Global markets were jittery amid resurfacing geopolitical tensions in West Asia and heavy selling in global technology counters. At 5 pm, the FBM KLCI finished 13.91 points lower at 1,679.52 from last Friday's close of 1,693.43. The benchmark index opened 9.89 points weaker at 1,683.54 and traded between 1,676.95 and 1,684.14 throughout the session. Losers surpassed gainers in the broader market by 916 to 340, while 455 counters were unchanged, 964 untraded and 13 suspended.
Singapore equities opened weaker as global risk sentiment deteriorated, with rising US rate expectations triggering a broad tech-led selloff, even as domestic data showed steady consumer demand.
Wall Street Selloff Signals Shift in Sentiment
US markets snapped a nine-week rally:
- S&P 500 -2.6%
- Nasdaq Composite -4.2%
- Dow Jones Industrial Average -1.4%
The decline followed strong jobs data, which raised concerns that the Federal Reserve may maintain a hawkish stance.
Tech stocks led losses:
- Nvidia -6.2%
- Advanced Micro Devices and Intel -7% to -13% range
STI Opens Lower Amid Broad Weakness
The FTSE Straits Times Index fell 1.47%, with decliners significantly outnumbering gainers.
Market sentiment was pressured by:
- Global tech selloff
- Rising interest rate expectations
- Weak risk appetite across equities
Retail Sales Growth Signals Consumer Strength
Singapore’s retail sector showed resilience:
- Retail sales +5.4% YoY (April)
- Excluding vehicles: +4.5% YoY
This indicates stable domestic consumption, despite external uncertainties.
Property Market Shows Mixed Signals
- HDB resale transactions -6.3% YoY
- But +10.1% MoM recovery
The data suggests short-term volatility, but underlying demand remains relatively stable.
Corporate Developments Highlight AI and Aviation Themes
Key corporate updates:
- Singtel partners with DISG to drive AI capabilities and governance
- SIA Engineerin enters US$118M aviation JV
- UMS expands into Vietnam manufacturing
These moves reflect continued focus on AI, industrial expansion, and regional growth.
Investor Takeaways
- STI declined, tracking global tech-led weakness.
- Strong US jobs data raises Fed tightening risks, pressuring equities.
- Retail sales growth remains solid, supporting domestic outlook.
- AI-related developments (e.g., Singtel) highlight long-term structural themes.
- Investors should balance macro risks with selective sector opportunities.
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