PublishedThe FBM KLCI opened at 1,593.97 today, 2.45 points higher as compared with yesterday’s close. — Picture by Hari Anggara
Earnings disappointments also came from national utility company Tenaga Nasional Bhd amid its slightly higher-than-expected interest expense, Press Metal with a double whammy of weak aluminium selling price and high input cost of alumina, Nestle Bhd also saw weak export sales, higher costs of inputs such as barley, wheat and cocoa and IHH Healthcare had higher-than-expected tax expense.
“We were hopeful then that the inflows would eventually spill over to equities but this did not materialise. As it stands now, the tailwind of accommodative monetary policy by key central banks in the world has been negated by the headwinds of the heightened US-China trade tensions and a mounting global recession risk, as illustrated in the flattened, and at times, inverted US bond yield curve,” it explained.