Bursa Malaysia ends lower amid rising Iran-Israel conflict
KUALA LUMPUR: Bursa Malaysia ended the day in negative territory as investors turned cautious amid escalating Iran-Israel tensions following US strikes on Iranian nuclear facilities.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged down 0.15 per cent, falling 2.32 points to close at 1,514.29, compared to 1,516.61 on Monday.
Despite the dip in the benchmark index, the broader market was upbeat, with 630 gainers outpacing 343 losers, while 465 counters remained unchanged.
UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said the index dropped to 1,511.29 during early trade but later trimmed some of its losses in the afternoon session, helped by a tentative ceasefire announcement from US President Donald Trump that provided a temporary boost to regional sentiment.
"However, gains were later trimmed after Israel vowed to retaliate against an Iranian missile strike, keeping risk appetite in check.
"While Trump's remarks brought temporary relief, no official response has been issued by Tehran, highlighting the importance for investors to remain calm during conflicts between nations, particularly when information remains one-sided or inconclusive," he said.
Sedek noted that oil prices recovered some of their earlier losses, which helped support defensive plays in energy-related stocks, while a rebound in the tech sector signaled a quick shift back toward growth-oriented counters.
"Financials led the gainers in today's trade, emerging as the preferred picks among investors amid continued uncertainty.
"Retail trade and consumer-related stocks posted modest gains, despite inflation data released today showing encouraging signs of improvement," he added.
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