Latest from Free Malaysia Today
Free Malaysia Today
2 hours ago
- Business
- Free Malaysia Today
Bursa ends mixed in choppy trading
KUALA LUMPUR : Bursa Malaysia ended a choppy but directionless trading session, with the index moving in a narrow range, amid global uncertainties, as investors refrained from taking long positions. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional indices ended broadly lower as geopolitical tensions escalated over potential involvement of the US in the Israel-Iran conflict. Risk appetite declined amid reports that US president Donald Trump had met with senior advisers to review military options, including possible strikes on Iran. 'Locally, we maintain our cautious stance due to the escalation of geopolitical tensions in the Middle East. 'We are hopeful that Israel and Iran will engage in peace talks to ease tensions and restore confidence among local investors,' he told Bernama. Thong noted that buying opportunities may emerge in oil and gas and plantation stocks. 'For the moment, we maintain our weekly FTSE Bursa Malaysia KLCI (FBM KLCI) target at the 1,500-1,530 range,' he said. Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Sedek Jantan said on the local front, attention turned to the progress of the US-Malaysia trade negotiations. Investment, trade and industry minister Tengku Zafrul Aziz and his delegation's arrival in Washington to engage with US trade representative Jamieson Greer and senior officials marks a pivotal moment in addressing tariff-related uncertainties that have clouded investor outlook in recent weeks. 'Despite the cautious backdrop, selected domestically oriented sectors saw notable interest. 'Consumer discretionary and telecommunications stocks led gainers, underscoring investor confidence in Malaysia's underlying economic resilience,' said Sedek. Adding to the constructive narrative, Malaysia's sharp rise in the latest International Institute for Management Development (IMD) World Competitiveness Ranking (WCR) 2025 – advancing 11 spots to 23rd globally – reinforces the country's reform momentum and macroeconomic credibility. 'This supports our positive medium-term outlook, particularly for the construction sector, where structural themes such as hyperscale data centre investments and the Johor-Singapore special economic zone are expected to serve as key catalysts for growth,' he added. At 5pm, the FBM KLCI reversed earlier losses to settle 0.31 of-a-point or 0.02%, higher to 1,511.95 from yesterday's close of 1,511.64. The benchmark index opened 0.25 of-a-point higher at 1,511.89 and fluctuated between 1,509.42 and 1,512.96 throughout the trading session. The broader market was, however, negative, with 488 decliners outnumbering 361 gainers. A total of 503 counters were unchanged, 1,054 were untraded and 13 were suspended. Turnover declined to 2.42 billion units valued at RM1.79 billion compared with yesterday's 3.03 billion units worth RM1.92 billion. Among heavyweights, Maybank gained 7 sen to RM9.62, Tenaga Nasional dipped 8 sen to RM14.22, Public Bank added 2 sen to RM4.24, CIMB slid 1 sen to RM6.65, and IHH Healthcare eased 4 sen to RM6.85. As for the most active stocks, Tanco Holdings inched up 0.5 sen to 98 sen, SNS Network Technology gained 4 sen to 53.5 sen, Magma Group rose 3 sen to 46 sen, NexG shed 1.5 sen to 34.5 sen, and Alam Maritim Resources slid 0.5 sen to 3 sen. On the index board, the FBM Emas Index was down by 1.47 points to 11,301.81 and the FBMT 100 Index dropped 2.44 points to 11,080.10. The FBM Emas Shariah Index fell 8.03 points to 11,310.34, the FBM ACE Index slipped 1.63 points to 4,441.34, and the FBM 70 Index shrank 22.21 points to 16,200.79. Sector-wise, the plantation index dipped 12.70 points to 7,238.04, but the energy index rose 1.84 points to 740.61. The financial services index climbed 24.86 points to 17,421.43, but the industrial products and services index eased by 0.09 of-a-point to 150.06. The Main Market volume narrowed to 1.06 billion units valued at RM1.55 billion from 1.19 billion units worth RM1.61 billion registered at yesterday's close. Warrants turnover shrank to 1.16 billion units worth RM180.99 million versus 1.62 billion units valued at RM245.78 million previously. The ACE Market volume declined to 194 million units valued at RM60.65 million against 210.30 million units worth RM71.29 million yesterday. Consumer products and services counters accounted for 187.75 million shares traded on the Main Market, industrial products and services (133.44 million), construction (78.61 million), technology (158.98 million), SPAC (nil), financial services (62.21 million), property (112.25 million), plantation (14.12 million), REITs (23.75 million), closed end fund (9,900), energy (124.29 million), healthcare (72.78 million), telecommunications and media (35.20 million), transportation and logistics (29.70 million), utilities (31.23 million), and business trusts (24,900).
Free Malaysia Today
2 hours ago
- Health
- Free Malaysia Today
Iran says ‘main target' of attack that hit Israel hospital was military site
Smoke rises from a building at the Soroka Hospital complex after it was hit by an Iranian missile in Be'er Sheva. (AP pic) TEHRAN : Iran said Thursday the main target of a missile attack that hit a hospital in southern Israel was an Israeli military and intelligence base, not the health facility. A hospital in southern Israel and two towns near Tel Aviv were struck after a barrage of Iranian missiles, with Israeli rescuers reporting at least 47 people injured in Iran's latest attacks. 'The main target of the attack was the Israeli Army Command and Intelligence Base (IDF C4I) and the Army Intelligence Camp in Gav-Yam Technology Park, located in the vicinity of the Soroka Hospital,' state news agency IRNA said. It said the hospital was 'exposed only to the blast wave', and that the 'direct and precise target' was the military facility.
Free Malaysia Today
2 hours ago
- Business
- Free Malaysia Today
Norway's central bank announces surprise rate cut
Norges Bank lowered its policy rate by a quarter point to 4.25% and said it could make another cut this year. (Reuters pic) OSLO : Norway's central bank announced a surprise interest rate cut today, citing economic uncertainty linked to trade tensions and escalating conflicts. Norges Bank lowered its policy rate by a quarter point to 4.25% and said it could make another cut this year 'if the economy evolves broadly as currently projected'. The bank had kept its rate unchanged since December 2023 after hiking them in efforts to tame inflation. Analysts had expected the bank to keep its rate unchanged until September. Norges Bank governor Ida Wolden Bache said inflation had declined since its March monetary policy meeting. 'The inflation outlook for the coming year indicates lower inflation than previously expected,' she said. 'A cautious normalisation of the policy rate will pave the way for inflation to return to target without restricting the economy more than necessary.' Core inflation – which excludes volatile energy prices – slowed to 2.8% in May. While it is cooling, inflation remains above the central bank's 2% target. The rate cut comes as financial markets worry about the economic impact of US President Donald Trump's tariffs and the conflict between Israel and Iran. 'The uncertainty surrounding the outlook is greater than normal,' Norges Bank said in a statement. 'An escalation of conflicts between countries and uncertainty about future trade policies may result in renewed financial market turbulence and could impact both Norwegian and international growth prospects,' it said. 'If the economy takes a different path than currently envisaged, the policy rate path may also differ from that implied by the forecast,' the bank added.
Free Malaysia Today
2 hours ago
- Politics
- Free Malaysia Today
Ukraine fears being sidelined by Iran-Israel war
Ukrainian President Volodymyr Zelensky lays flowers at the site of a Russian missile strike that destroyed a Kyiv apartment block. (AP pic) KYIV : Fighting between Iran and Israel could deflect global attention from the Russian invasion of Ukraine and even bolster Kremlin's war effort, Ukrainian officials say. Israel launched a massive bombing campaign on Iran last week that prompted Tehran – a close ally of Russia – to strike back with missiles and drones. The conflict has pushed up the price of oil – a key revenue stream funding Russia's invasion. 'For Ukraine, the challenge is the price of oil, because if prices remain high for a long time, the Russians will earn more,' a senior Ukrainian political source told AFP. However, Kyiv has welcomed Israeli attacks on a country which has directly aided and provided weapons to Moscow for its own strikes on Ukraine. The campaign has left several high-ranking Iranian military officials dead and put pressure on Tehran's military capacity that is likely to limit the practical support it can provide to Russia. 'The Iranian regime is Russia's ally, so the more they lose, the better,' the Ukrainian source said. 'Overall, Israel is doing the whole world a favour. That is a fact,' the source added. The possibility of weaker support and attention from Washington, however, concerns Kyiv. The administration of US President Donald Trump, Israel's closest ally, has made clear that its security priorities are the Middle East and Asia, with Europe lower on the list. This could mean further Russian advances on the battlefield or deadly aerial attacks will meet with a muted reaction from a White House that already sees the Ukraine conflict mainly as a European problem. Kyiv's efforts to lobby for more support from Washington have been complicated by tense relations between Trump and Volodymyr Zelensky, the Ukrainian leader. Zelensky recently told journalists that Trump was 'obsessed with Iran' and conceded that its bombing campaign with Israel spelt risks for Kyiv. 'No one is claiming to have a relationship more important than America and Israel, but we would like to see the aid to Ukraine would not be reduced because of this,' he said. He referred to Israel's war in Gaza that was sparked by a deadly Oct 7, 2023 attack by Palestinian militant group Hamas, as a precedent for this. 'It was a factor that slowed down assistance to Ukraine,' he added. In an interview with US media, the Ukrainian leader said at the beginning of this month that Washington could send '20,000' missiles needed by for Ukraine to shoot down Russian drones to the Middle East instead. Senior officials in Zelensky's office told AFP after the outbreak of the war in Gaza that it had spurred Ukraine to focus to developing its own arms industry. Russia has rained down thousands of drones and missiles on Ukraine since it launched its full-scale invasion early in 2022, including Iranian-made and designed projectiles. Israel has claimed to have attacked production sites in Iran, which has also launched silos of missiles at Israel that now cannot be sent to Russia for attacks on Ukraine. 'Let's hope that the corresponding production or transfer (of weapons) to the Russians will decrease. This helps Ukraine,' Zelensky said. The British defence ministry said Iran's supply of weapons to Russia could slow as a result of Tehran's war with Israel. But it said global focus on the Middle East could overall help Moscow. 'Russia almost certainly perceives some benefit in the conflict as it distracts international focus from its war against Ukraine,' it said on social media. Moscow also produces its own drones and missiles, and has received projectiles from North Korea. Ukrainian military analyst and blogger Sergiy Sternenko was among voices to issue caution against celebrating the attacks on Iran. 'Do not rush to get too excited about the strikes on Iran. Of course, Iran is our enemy, and we wish these pigs the worst. But fighting in the Middle East will inevitably lead to higher oil prices,' he wrote.
Free Malaysia Today
2 hours ago
- Business
- Free Malaysia Today
South Korea drafts second extra budget as new leader seeks to spur growth
The South Korean government is expected to submit the extra budget proposal to parliament on June 23. (EPA Images pic) SEOUL : South Korea's new administration proposed today US$14.7 billion in extra government spending to support sluggish domestic demand, as President Lee Jae-myung makes economic recovery his top policy agenda. The supplementary budget plan totalling ₩30.5 trillion announced by the finance ministry includes ₩20.2 trillion (US$14.7 billion) of new spending to spur economic growth and support vulnerable sectors, while it will also make up for ₩10.3 trillion from an expected shortfall in tax revenue. The second extra budget of the year comes two weeks after Lee, who has vowed expansionary fiscal policy, won a snap presidential election on June 3 and less than two months since the first supplementary budget of 13.8 trillion passed in May. 'Economic conditions and difficulties in people's livelihoods are very serious, and this extra budget means government finances will play a little more active role,' vice finance minister Lim Ki-keun told a media briefing. South Korea's central bank last month slashed its economic growth forecast for this year to 0.8% from 1.5%, citing heightened uncertainty over US tariffs, as it lowered interest rates for a fourth time in its current easing cycle and signaled more rate cuts. Asia's fourth-largest economy unexpectedly contracted in the first quarter amid US President Donald Trump's sweeping tariffs and domestic political turmoil sparked by former President Yoon Suk Yeol's martial law decree in December. The biggest spending will be Lee's flagship policy of a universal cash handout scheme for consumers, providing ₩150,000-500,000 in vouchers to every citizen and totalling ₩10.3 trillion. Lee was one of the first to introduce a cash handout scheme in South Korea when he was mayor of Seongnam City, which was adopted nationwide several times during the COVID-19 pandemic under the previous liberal administration of Moon Jae-in, even as critics questioned the effectiveness of the policy. Other spending plans include financial support for the construction sector, investment in artificial intelligence as well as small and medium-sized enterprises, and debt restructuring programmes for small businesses. Out of the combined total of ₩30.5 trillion, ₩19.8 trillion will be financed by issuing additional treasury bonds, according to the finance ministry. The second extra budget will raise the country's fiscal deficit to 4.2% of gross domestic product (GDP) this year, up from the previous estimate of 3.3% after the first extra budget, and government debt to 49.0% of GDP, from 48.4%. The government will submit the proposal to parliament, controlled by the left-leaning ruling Democratic Party, on June 23.
