KUALA LUMPUR, Sept 28 (Bernama) -- Bursa Malaysia ended marginally lower on Monday amid selling activity as the market lacked fresh catalysts to spur investors’ buying interest, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02, from Friday’s close of 1,671.62. The benchmark index, which opened 0.93 of-a-point higher at 1,672.55, moved between 1,668.61 and 1,674.11 throughout the trading session. Market breadth was negative as losers surpassed gainers 748 to 388, while 517 counters were unchanged, 1,271 untraded and 91 suspended. Turnover slipped to 3.11 billion units worth RM2.40 billion from 4.07 billion units valued at RM2.69 billion on Friday.
The cost of shipping a standard 40-foot container from Shanghai to New York has surged to nearly $10,000, causing frustration among US importers and raising concerns about a potential market bubble. Rising Shipping Costs The Drewry World Container Index reported a spot rate of $9,387 for a 40-foot container shipment on July 11. This rate is more than double the price from February, though still below the pandemic peak of $16,000. Factors Driving the Increase Yemen's Houthi Rebels Missile and drone attacks by Yemen's Houthi rebels have forced ships to avoid the Suez Canal, opting for the longer route around Africa. This detour requires more ships to transport the same volume of goods, leading to shortages and delays that have driven up shipping costs. Seasonal Demand US retailers are importing goods earlier in preparation for the back-to-school, Halloween, and Christmas seasons. This rush during the peak importing season has quickly made rates much more expensive. Industry React...