Skip to main content

Featured Post

Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Post a Comment

Gold Prices Steady, Set for Monthly Gain as Traders Await Fed Verdict

 

Gold prices remained steady on Wednesday and are on track for a monthly gain, buoyed by increasing optimism about potential US interest rate cuts. Traders are now focusing on the Federal Reserve's policy decision due later in the day.

Key Highlights:

  • Gold Prices: Spot gold held firm at US$2,407.85 per ounce as of 0200 GMT, showing a gain of over 3% for the month. US gold futures slightly rose by 0.1% to US$2,405.60.

  • Federal Reserve: The Fed is expected to keep rates steady at the end of its two-day meeting. However, market participants anticipate signals towards a rate cut in September.

    • Kyle Rodda, a financial market analyst at Capital.com, said, "The market wants to hear a confirmation that a September cut is on the cards and it will be the beginning of a policy easing cycle. Gold will rally if the Fed language indicates that multiple cuts are coming."

  • US Rate Futures Market: Fully priced in a 25-basis-point cut for September. Lower interest rates generally benefit non-yielding bullion.

  • Upcoming Economic Data: Traders are also eyeing the ADP employment report due later today and the US payrolls report on Friday. Recently, data showed US job openings fell by 46,000 to 8.184 million by the end of June.

Geopolitical Tensions:

  • US Strike in Iraq: The United States conducted a strike in Iraq in self-defense amid rising regional tensions following an Israeli airstrike in Beirut that reportedly killed Hezbollah's top commander.

  • Rodda added that significant escalation in geopolitical tensions, especially on Israel's northern border, could boost the safe-haven demand for gold.

Other Metals:

  • Spot Silver: Increased by 0.2% to US$28.44 per ounce.
  • Platinum: Gained 0.7% to US$966.13.
  • Palladium: Rose by 1% to US$898.13. Both platinum and palladium are set for monthly declines.

The market's attention remains sharply focused on the Federal Reserve's signals regarding future interest rate cuts, which could significantly influence the trajectory of gold prices moving forward.

Labels:

Comments

Post a Comment

Popular posts from this blog

INTC Share Watch and News

Stock Info Market Monitor Company Profile Intel Corporation designs, manufactures, and sells integrated circuits for computing and communications industries worldwide. It offers microprocessor products used in notebooks, netbooks, desktops, servers, workstations, storage products, embedded applications, communications products, consumer electronics devices, and handhelds. The company also offers system on chip products that integrate its core processing functionalities with other system components, such as graphics, audio, and video, onto a single chip. It also provides chipset products that send data between the microprocessor and input, display, and storage devices, such as keyboard, mouse, monitor, hard drive, and CD or DVD drives; motherboards that has connectors for attaching devices to the bus, and products designed for desktop, server, and workstation platforms; and wired and wireless connectivity products, including network adapters and embedded wireless cards used to translat
1 comment
Read more

3M Raises Profit Forecast After Beating Quarterly Estimates on Electronics Demand

3M Co raised the lower end of its full-year adjusted profit forecast after strong demand for electronics and industrial products helped the company surpass quarterly profit expectations. Shares of 3M were up 4.2% at $140.5 in pre-market trading. An increase in demand for electronics used in vehicles and mobile phones boosted profits for the company, which had previously faced challenges as high inflation led consumers to delay major purchases. The industrial sector is also expected to benefit from the recent US Federal Reserve decision to cut borrowing costs in September, encouraging more consumer spending. 3M has implemented cost-cutting measures, including job reductions and spinning off its healthcare business, to counter the impact of a demand slowdown . Key highlights from the report: Sales in the transportation and electronics segment grew 1.8% year-on-year. Sales in the safety and industrial segment , which produces adhesives for industrial use, increased by 0.5% . 3M&
Post a Comment
Read more

Key Corporate Updates from Malaysia

Ekovest Bhd : Major shareholder Tan Sri Lim Kang Hoo is considering selling his toll-road business, Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi), for up to RM5 billion. Ekovest owns 60% of Kesturi, with the remainder held by the Employees Provident Fund (EPF). Eco World Development Group Bhd : Through its subsidiary Mutiara Balau Sdn Bhd, EcoWorld is acquiring 847.25 acres in Semenyih, Selangor for RM742.41 million to develop Eco Forest 2, a project with an estimated RM4.6 billion in gross development value. Mah Sing Group Bhd : Mah Sing has purchased 5.24 acres on Old Klang Road for RM113 million to build M Aurora, a transit-oriented development with an estimated RM660 million gross development value, anticipated for launch in early 2025. Pentamaster Corp Bhd : The company’s third-quarter net profit dropped 49.9% to RM11.77 million, impacted by lower sales in its automated test equipment division and foreign exchange losses. Sentral REIT : The REIT saw a 25
Post a Comment
Read more