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Market Update: Malaysia Stocks Trade Near 3-Week Low
The FTSE KLCI fell 3 points or 0.2% to a near three-week low of 1,578 in early deals on Friday, amid concerns over COVID-19 cases that have led to a second nationwide lockdown. Local media reports said that Malaysias king would hold consultations with political leaders next week and that the government was eyeing a lockdown extension as the number of daily cases has yet to dip below 4,000. Turning to data, the US inflation jumped to 5% in May, the highest in near 13 years and above the Fed’s target of about 2%, due to soaring commodity prices, supply constraints, and higher wages. Meantime, the number of Americans applying for unemployment benefits fell to the lowest in 15 months, declining for the sixth straight week. In business news, US tire maker Goodyear reportedly lose a dispute against foreign workers in Malaysia, on accusations of employee mistreatment. Traders now await the release of domestic industrial output and retail trade data later in the day. [/s2If]
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