Daily brief
Bursa Malaysia closed lower as investor caution grew over rising oil prices and heightened tensions in the Middle East. Singapore's Straits Times Index also ended flat, with analysts citing the same regional geopolitical concerns. Across Southeast Asia, companies have reportedly shed over $200 billion in market value due to fears of a wider conflict involving Iran.
Governments in Southeast Asia are scrambling to secure oil supplies, with Indonesia's government seeking crude 'from anywhere' and Bangladesh requesting a U.S. waiver to import Russian diesel as an IMF energy shock warning looms.
Medical cost inflation in Singapore is projected to hit a record 16.9% this year, prompting the Life Insurance Association to call for collective action from stakeholders.
Thailand's Prime Minister reassured the public the country is not at an energy emergency stage, rejecting fears of diesel prices hitting 60 baht per litre, while the customs department announced plans to close a tax loophole and impose a 40% duty on imported parcels.
App stores in Singapore will soon screen for users under 18 via Singpass, facial scans, or credit card verification to enforce age restrictions.