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Market Daily Report: Bursa Malaysia Ends Higher On Continued Bargain-hunting

KUALA LUMPUR, June 5 (Bernama) -- Bursa Malaysia closed higher, with the benchmark index rising 0.60 per cent as bargain-hunting persisted following the recent sell-off, despite weaker performances across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 10.17 points to 1,693.43 from Thursday's close of 1,683.26. The benchmark index opened 3.19 points higher at 1,686.45 and traded between 1,684.36 and 1,698.53 during the trading session. However, broader market sentiment remained negative, with losers outnumbering gainers 666 to 477. A total of 574 counters were unchanged, 958 untraded and 12 suspended. Turnover fell to 3.41 billion units worth RM3.04 billion from 3.47 billion units worth RM3.58 billion on Thursday.
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Chinese Stocks End Flat Ahead of Politburo Meeting; Hong Kong Tracks Regional Peers Higher

Chinese stocks closed largely flat on Monday as investors awaited a crucial Politburo meeting later this week, hoping for stimulus measures to support the world’s second-largest economy. Meanwhile, Hong Kong stocks rose, tracking gains in regional markets.

Key Market Movements:

  1. China:

    • Shanghai Composite Index: Closed up 0.03% at 2,891.85 points.
    • Blue-Chip CSI 300 Index: Fell 0.54% to 3,390.74 points.
      • Financial Sector Sub-Index: Increased by 0.56%.
      • Consumer Staples Sector: Declined by 1.75%.
      • Real Estate Index: Dropped 3.15%.
      • Healthcare Sub-Index: Decreased by 1.81%.
    • Shenzhen Index: Ended down 0.47%.
    • ChiNext Composite Index: Weakened by 1.44%.

  2. Hong Kong:

    • Hang Seng Index: Closed up 217.03 points, or 1.28%, at 17,238.34 points.
    • Hang Seng China Enterprises Index: Rose 1.16% to 6,080.56 points.
    • Sub-Indices:
      • Energy Shares: Increased by 2.1%.
      • Information Technology Sector: Rose by 1.73%.
      • Financial Sector: Ended 1.43% higher.
      • Property Sector: Rose by 0.24%.

  3. Regional Performance:

    • MSCI Asia ex-Japan Stock Index: Firmed by 0.69%.
    • Japan’s Nikkei Index: Closed up 2.13%.

Anticipated Politburo Meeting:

  • The Politburo, China’s top decision-making body, is set to meet in the coming days, with expectations of revealing near-term policy measures following the reform plans laid out at the third plenum two weeks ago.
  • Goldman Sachs’ Outlook: Analysts expect policymakers to remain cautious on growth headwinds, reinforce their easing stance, and signal more policy support for the rest of the year, particularly focusing on demand-side measures such as fiscal and housing easing. Support for high-tech manufacturing, key supply chains, and containment of systemic financial risks is anticipated to remain unchanged.

Global Context:

  • Asian shares rebounded on Monday, entering a week filled with earnings reports and central bank meetings that could see the US and UK considering easing, while Japan may raise borrowing costs as part of a move towards normalization.

Investors are keenly observing the outcomes of the upcoming Politburo meeting, which is expected to provide clearer insights into China’s economic policy direction amid ongoing global economic uncertainties.

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