KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia ended lower today, with the benchmark index declining 0.5 per cent, weighed down by selected heavyweights led by Press Metal, IHH Healthcare, and Tenaga Nasional. Press Metal shed 16 sen to RM4.87, IHH Healthcare dipped 14 sen to RM6.75, and TNB slipped 18 sen to RM13.58. These stocks resulted in a 6.12-point decline in the benchmark index. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 7.61 points to 1,518.91 versus Wednesday’s close of 1,526.52. The benchmark index opened 9.22 points lower at 1,517.30 and fluctuated between 1,512.32 and 1,524.41 throughout the day. In the broader market, losers thumped gainers 548 to 357, while 448 counters were unchanged, 994 untraded and eight suspended. Turnover rose to 2.51 billion units valued at RM1.81 billion against Wednesday’s 2.37 billion units valued at RM2.03 billion. ...
A stronger than expected October jobs report boost the chances of a December rate hike and Wall Street dropped slightly lower on Friday to reflect that.
Out of the 10 major sectors in S&P, nine were lower, with the interest rate sensitive utilities sector's 3% decline being the worst while the financial sectors was only up by 1% and the only gainer.
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| S&P 500 Index dropped slightly on Friday |
The Labor Department's report showed nonfarm payrolls increased by 271,000 in October, beating the 180,000 expected. Data for August and September were revised to show 12,000 more jobs on average were created than previously reported.
The unemployment rate fell to 5.0%, the lowest since April 2008, from 5.1% in September. The jobless rate is now at a level many Fed officials view as consistent with full employment.
"I think it's good news — it's good news for the economy, eventually the market will take it as good news," said Sean Lynch, co-head of global equity strategy at Wells Fargo Investment Institute in Omaha, Nebraska.
"It's a blowout number, it's a strong number for the jobs and the consumer should be feeling pretty good heading into the last couple of the months of the year."
The dollar rose to a 6½-month high after the data.
Higher rates increase borrowing costs for companies, while a rise in the dollar hurts their income from overseas markets.
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