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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Megacaps Lift Nasdaq, S&P 500 Ahead of Big Tech Earnings and Fed Verdict

The Nasdaq and the S&P 500 rose on Monday, buoyed by megacap stocks as investors awaited Big Tech results, a US Federal Reserve (Fed) policy decision, and crucial labor numbers this week.

Key Takeaways:

  • Megacap Stocks Rally: Nvidia, Alphabet, Amazon.com, and Meta Platforms rose between 0.6% and 1.5%, following a recent downturn in megacap tech shares that had pushed major stock indices downward last week.

  • Market Performance:

    • Nasdaq Composite: Up 116.46 points (0.67%) at 17,474.34
    • S&P 500: Up 11.18 points (0.20%) at 5,470.28
    • Dow Jones Industrial Average: Down 140.72 points (0.35%) at 40,448.62

  • Sector Gains: The S&P 500 consumer discretionary index led sectoral gains with a 0.9% rise, driven by a 4.4% jump in Tesla shares. Morgan Stanley added Tesla to its US autos list as a "top pick."

  • Last Week's Market Movement:

    • Major US stock indices jumped more than 1% last Friday, buoyed by an encouraging US inflation report and data suggesting a loosening jobs market.
    • However, the S&P 500 and the Nasdaq closed the week lower after a disappointing start to tech earnings triggered the steepest one-day slide since 2022 last Wednesday.

  • Upcoming Earnings: Investors are closely watching earnings from Microsoft, Meta, Apple, and Amazon.com starting on Tuesday to gauge if the AI-led equity rally can continue.

  • Market Rotation: Investors are considering a rotation into mid and small caps. The Russell 2000 small-cap index was up 0.1% after a three-week winning streak.

  • Fed Policy Expectations: Hopes are pinned on the Fed signaling a rate cut in September during Wednesday's policy decision. Odds for a 25-basis-point reduction are at 89%, according to the CME's FedWatch. Any hawkish commentary could trigger renewed selling pressure in equities.

  • Employment Reports: A series of employment reports this week, including non-farm payrolls, will be scrutinized for insights into the labor market.

  • Crypto Stocks Surge: Coinbase Global, Riot Platforms, and Marathon Digital gained between 2.4% and 3.6% as bitcoin prices jumped to a seven-week high.

  • Notable Decliners: Abbott Laboratories dropped 4.1% to the bottom of the S&P 500 after being ordered to pay US$495 million in damages due to its formula for premature infants causing a dangerous illness.

  • Market Breadth: Advancing issues outnumbered decliners by a 1.23-to-one ratio on the NYSE and by a 1.09-to-one ratio on the Nasdaq. The S&P index recorded 15 new 52-week highs and one new low, while the Nasdaq recorded 73 new highs and 29 new lows.

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