Thursday 28 Mar 2024
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KUALA LUMPUR (May 3): The FBM KLCI vacillated between gains and losses as 1Malaysia Development Bhd (1MDB) concerns and lower crude oil prices offset the impact of overnight US share gains.
 
At 9:11am today, the KCLI rose 1.87 points or 0.1% to 1,674.59. At 9.24am, the index fell 1.37 points to 1,671.35.

In overnight US share trades, the Dow Jones Industrial Average rose 0.66%, S&P 500 climbed 0.78% while Nasdaq Composite was 0.88%  higher.

In overnight commodity markets, Brent oil for July delivery fell
US$1.54 or 3.3% to US$45.83 a barrel while US oil dropped US$1.14 or 2.5% to US$44.78.

In Malaysia today, TA Securities Holdings Bhd said concerns on 1MDB's debt could lead to market volatility.

TA said "concerns over further cross default on 1MDB's next interest payment due May 11 on another bond issue could see market volatility remaining high."

"Nonetheless, the implied government guarantees backing the bond
payments and absence of any downgrade by the major rating agencies on
the country should cushion downside risk," TA said.

Today, Bursa Malaysia saw some 155 million shares worth RM74 million changing hands. There were 167 gainers versus 95 decliners.

Top gainer was Bursa Malaysia Bhd while Batu Kawan Bhd led decliners. The most-active stock was Vivocom Intl Holdings Bhd.

Across Asian share markets, Australia's S&P/ASX200 was up 1% while South Korea's Kospi rose 0.34%. Japan markets are closed today and will remain closed tomorrow and Thursday for the Golden Week holidays.

Reuters reported today that Asian stocks snapped a four-day losing streak on Tuesday as an overnight bounce in U.S. shares boosted risk appetite while gold briefly popped to a one-year high on growing expectations of more policy stimulus.

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