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Market Update: Malaysia Equities Trade Near 1-Month Low
The FTSE KLCI fell 7 points or 0.4% to a near one-month low of 1,572 in early deals on Thursday, tracking a pull-back in Wall Street overnight after the Fed sharply raised its inflation forecast for this year and brought forward the time frame on when it will hike interest rates. On the bond market, meantime, long-term US treasury yield jumped to 1,586% on Wednesday, the most since early March. Sentiment was also dented by reports that a total of 113 COVID-19 patients in Malaysia who previously recovered have been reinfected. Meantime, Malaysia’s king said Wednesday that Parliament, which has been suspended under an emergency situation since January, must resume as soon as possible, but stopped short of saying the emergency should end, according to Associated Press. MISC Bhd retreated 2.2%, while Genting Bhd was down 1.4%. [/s2If]
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