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Market Update: Malaysia Stocks Up 0.2%
The FTSE KLCI rose 3 points or 0.2% to 1,575 in early deals on Tuesday after falling nearly 1% in the prior session, amid a shift in market sentiment after US stocks rebounded overnight, with the Dow posting its best day since March. Market participants continued to digest the ramifications of the Feds latest meeting on interest-rate policy, where it indicated it may start raising short-term rates by late 2023. Meantime, Fed Chair Jerome Powell in prepared remarks reiterated that the central bank will continue its supportive stance to the economy. Locally, Malaysia is studying the feasibility of lifting several restrictions for fully vaccinated individuals such as possibly allowing them to travel interstate. Investors now await the release of May’s consumer price index later in the week. DiGi.com jumped 2.3% after signing agreements with Axiata Group Bhd for the merger of Celcom Axiata and Digi. Press Metal Aluminium Holdings, meantime, added 1.5%. [/s2If]
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