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Market Update: Malaysia Stocks Trade Flat
The FTSE KLCI was almost flat in early deals on Wednesday as traders await the outcome of the US Federal Reserve meeting later in the day. While the central bank is not expected to make any policy moves, it may signal that its beginning to think about easing its bond-buying policy. Market participants also digested Prime Minister Muhyiddin Yassin’s remarks on Tuesday that Malaysia’s parliament could reconvene by September at the earliest, providing the average number of new daily COVID-19 cases fall to under 2,000. In recent data, US retail sales fell at a faster-than-expected 1.3% mom in May, as Americans spent more on vacations and other services instead of goods. Turning to business news, Axiata Group said the due diligence for the proposed merger between Celcom Axiata and Digi.Com has completed and definitive agreements will be signed soon. MISC Bhd added 2.1%, while Genting Malaysia Bhd retreated 1%. [/s2If]
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