The FBM KLCI index dropped by 1.0%, reflecting weak performances on Wall Street, primarily due to geopolitical tensions in the Middle East. The Energy sector was the only one to gain (+1.0%), driven by a rebound in oil prices, while Property (-1.7%) and Industrial (-1.6%) sectors led the declines.
Globally, US markets ended slightly higher, with all major indices in the green, supported by a positive ADP payroll report, though gains were limited by Middle East concerns. European and ASEAN markets had mixed results, with the Hang Seng Index surging.
Market subdued
Looking ahead, the local market is expected to remain subdued despite positive US labor data, as investors remain cautious due to Middle East tensions. Focus will be on upcoming US economic data (PMI, jobless claims, unemployment), with potential fund rotation into the Energy sector. Data center stocks may attract interest due to Oracle’s investment, and export-oriented tech stocks could see a slight boost from the stronger USD against the MYR.
Read more Business News
Leave a Reply
You must be logged in to post a comment.