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Market Update: Malaysia Stocs Trade Lower
The FTSE KLCI fell 8 points or 0.5% to 1,586 in early trade on Friday, retreating for the first time in four sessions, ahead of the US PCE report later in the day as the Fed’s preferred inflation measure is seen jumping to 2.9% in April, the highest since 1993. On the policy front, the Biden administration is set to propose a $6 trillion budget in 2022 to boost infrastructure investment and social programs, while increasing federal spending and driving the national debt to new highs. Risk appetite was also rattled by reports that COVID-19 cases in Malaysia continued to rise with 7,857 new cases Thursday, the third day in a row that the daily new cases registered more than 7,000 cases. Meantime, local media reports said that the AstraZeneca vaccine will be reincorporated into the nation’s immunization drive. Investors now await the release of April’s trade data later in the day. Hong Leong Financial Group slumped 3.5%, despite upbeat earnings reports. Maxis Bhd also sank 2.7%. [/s2If]
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