Bursa Malaysia stalls as Middle East tensions sap risk appetite
Wednesday, October 02, 2024       08:24 WIB

KUALA LUMPUR: An escalation in tensions in the Middle East sent investors fleeing risky assets such as equities and into safe heavens.
Following a negative performance on Wall Street, the FBM KLCI was down 13.61 points to 1,642.78, with support from the 50-day simple moving average holding for now.
"We anticipate a potential rebound in the oil and gas sector following a recent dip, as oil prices surged due to the Middle East conflict.
"Gold-related stocks may also turn into the spotlight as safe haven asset investment attracts attention," said Apex Securities Research in its outlook.
The research firm added that investors are expected to closely monitor developments in the Middle East, alongside key US economic indicators this week, such as manufacturing PMI, job openings, and nonfarm payrolls data, for further clarity on the US economic outlook.
On equities sectors, Apex said technology counters may face selling pressure in light of the Nasdaq's decline overnight.
On Malaysia's blue-chip index, the pullback affected most counters including banks such as Maybank down six sne to MR10.48, Public Bank dropping six sne ot RM4.55 and CIMB sliding seven sen to RM8.02.
Tenaga Nasional dipped eight sne to RM14.32, Telekom Malaysia shed five sen to RM6.68 and YTL Power dipped three sen to RM3.68.
Of actives, PA Resources rose two sen to 34.5 sen, TWL gained 0.5 sen to three sen and Reach Energy was flat at two sen.

Sumber : thestar.com.my