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Market Update: Malaysia Stocks Trade at Near 1-Month Low
The FTSE KLCI lost 7 points or 0.5% to a near one month-low of 1,567 in early deals on Wednesday, falling for the second straight session, amid renewed tensions between Beijing and Washington. Reuters reported today that a US warship again has sailed through the waterway that separates Taiwan from China, a week after the island reported the largest incursion to date of Chinese air force jets in Taiwan’s air defense zone. Locally, Prime Minister Muhyiddin Yassin said that Malaysia will have to study various factors including the latest COVID-19 situation in the country before deciding whether to move into phase two of the National Recovery Plan. In the US, Fed Chair Powell said the central bank will not raise interest rates too quickly based only on the fear of coming inflation. Investors now await the release of May’s consumer price index later in the week. Sime Darby Bhd sank 1.8% while Hartalega Holdings Bhd shed 1.2%. [/s2If]
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