Bursa Malaysia Slips Lower Amid US Fed Steer and Oil Price Surge
The Kuala Lumpur stock market opened lower on Thursday, influenced by the US Federal Reserve's decision to maintain interest rates steady. The Fed has kept rates unchanged for five consecutive meetings. According to Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, traders are unconvinced about the Fed's policy in fighting inflation.
The uncertainty over the Strait of Hormuz and escalating crude oil prices have also contributed to the market's downturn. Brent crude hit above $90 per barrel on Thursday.
Among heavyweights, Tenaga Nasional eased 14 sen to RM14.46, while Maybank and Public Bank added two sen each to RM10.88 and RM5.17, respectively. Petronas Gas advanced 14 sen to RM17.78, and Hong Leong Bank climbed five sen to RM5.01.