All 30 FBM KLCI counters in the red as tensions In Middle East rise

All 30 FBM KLCI counters in the red as tensions In Middle East rise

KUALA LUMPUR: The local stock market took a direct hit from the escalating tension in the Middle East with all index were pushed into the red at early trade.

All top 30 counters on FTSE Bursa Malaysia KLCI (FBM KLCI) slipped into the red with financial counters and telecommunication counters leading the pack, while energy and utility counters were also not spared despite the spiking oil price.

Top banking stocks; Maybank declined three sen to RM8.62, AMMB down three sen to RM3.80, and CIMB reduced six sen to RM5.23 while Hong Leong Financial slid 30 sen to RM17.14.

As for telecommunication stocks, Axiata was 11 sen lower to RM4.25, Maxis down five sen at RM5.40 and Digi was three sen lower to RM4.50.

Meanwhile, stocks belonging to IHH and Malaysian Airports which have a presence in the Middle East also stumbled, dipping three sen to RM5.57 and 16 sen to RM7.10, respectively.

Earlier today, Pentagon reported that Iran had launched more than a dozen ballistic missiles at two military bases in Iraq that stationed US troops, in what appears to be a retaliatory act for last week’s drone attack which killed a top Iranian commander, General Qassem Soleimani.

The missiles attack allegedly launched from within Iran’s territory was carried out hours after the funeral of Qassem.

Pentagon said that they are currently assessing the extent of the damage caused by the rocket attack, including the number of casualties.

As of 10.22 am, benchmark Brent Crude was US$69.93 per barrel and is expected to soar higher in coming days in tandem of the escalating tension in the oil-rich region.

The FBM KLCI at press time stood at 1,596.68, 14.36 points lower from yesterday’s close with a volatile trading trend.

Bernama


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