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Market Update: Malaysia Stocks Trade Lower
The FTSE KLCI fell 4 points or 0.3% to 1,568 in early trade on Tuesday, amid concerns that a tighter Movement Control Order in Malaysia for two weeks beginning on Monday will affect many sectors of the economy, especially manufacturing. Daily new COVID-19 cases in the country have hovered above the 6,000-mark for the last six consecutive days, with 60,018 active cases as of Monday. Sentiment was also dented by persistent worries over higher inflation in the US, with Kansas Federal Reserve President Esther George noting that the Fed needed to be on guard in case the dynamics that have kept inflation low in recent years change as the economy reopens. Traders now await the release of Malaysia’s leading index for March and US consumer confidence data later in the day. Meantime, a key report on US consumer prices and the 2nd estimate Q1 US GDP will due later in the week. Supermax Corp Bhd sank 3.8% while Hartalega Holdings Bhd retreated 2.1%. [/s2If]
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