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.
Federal Reserve officials are poised to lower borrowing costs soon, a move that Chair Jerome Powell may indicate in the coming week. The central bank aims to balance the need to control inflation with the desire to avoid harming the job market.
Key Takeaways:
- Expected Rate Cut: The Fed is likely to keep rates unchanged this week but may lower them in September.
- Economic Data: Recent data shows milder price increases and strong economic growth, but the Fed seeks more assurance that inflation will drop towards the 2% target.
- Employment: The July jobs report, expected to show moderate hiring and a stable 4.1% unemployment rate, is crucial.
- Hurricane Impact: Hurricane Beryl may affect job numbers and hours worked.
- Global Context: Rate decisions in Japan and the UK, as well as GDP data from Europe and Canada, are also in focus.
Federal Reserve officials aim to ensure a balanced approach to maintaining maximum employment and stable prices, signaling a cautious path towards a potential rate cut in the near future.
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