KUALA LUMPUR, May 21 (Bernama) -- Bursa Malaysia ended at its intraday low on Thursday as investor sentiment remained cautious amid ongoing foreign outflows, although the recent weakness may present bargain-hunting opportunities in fundamentally sound blue-chip counters. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 9.33 points, or 0.54 per cent, to 1,708.36, from yesterday’s close of 1,717.69. The benchmark index, which opened 3.74 points higher at 1,721.43, hit an intraday high of 1,722.50 in early trade before losing momentum for the rest of the day. Market breadth was negative, with losers outpacing gainers 656 to 508, while 565 counters were unchanged, 989 untraded and 32 suspended. Turnover fell to 3.49 billion units worth RM3.70 billion compared with 4.15 billion units worth RM4.29 billion on Wednesday.
Gold is heading for its worst weekly performance in over four decades , as escalating Middle East tensions drive higher oil prices, rising bond yields, and a stronger US dollar , eroding demand for the non-yielding asset. Sharp Selloff Driven by Rate Expectations Gold prices dropped sharply, with bullion falling over 3% to around US$4,509 per ounce , marking an eight-day losing streak . The key driver has been a shift in monetary expectations: Markets now see a 50% probability of a rate hike by October Expectations for rate cuts have diminished significantly Higher interest rates reduce gold’s appeal, as it does not generate yield , making it less attractive compared to bonds and cash. War Escalation Fuels Inflation and Dollar Strength The ongoing conflict in the Middle East — including potential US ground troop deployment and increased military presence — has pushed energy prices higher , reinforcing inflation risks. As a resu...