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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Wall Street Rallies on Trump Re-Election Hopes and Interest Rate Cut Expectations

Wall Street surged on Monday as investors bet on a second term for presidential candidate Donald Trump and anticipated interest rate cuts. The Dow Jones Industrial Average hit a record high, with broad-based market gains.

Key Points:

  • Trump's Re-Election Boost:

    • Increased odds of Trump winning after surviving an assassination attempt.
    • PredictIt betting odds: Trump at 66 cents (up from 60 cents), Biden at 26 cents.
    • Lower taxes and regulatory policies expected under a Republican administration.

  • Stock Performance:

    • Trump-linked stocks soared: Trump Media & Technology Group, Phunware, and Rumble gained 6% to 32%.
    • Crypto stocks rose with Bitcoin hitting a two-week high: Coinbase Global, Marathon Digital, and Riot Platforms advanced 5.3% to 8.2%.
    • Other beneficiaries: Smith & Wesson (+12.6%), GEO Group (+9.4%), UnitedHealth (+2%).

  • Interest Rate Cut Hopes:

    • 88% probability of a 25-basis-point rate cut by September.
    • Expected two rate cuts in 2024.
    • Boosted by cooler-than-expected inflation data.

  • Corporate Earnings:

    • Investors watching if megacaps justify high valuations.
    • Apple (+1.8%) reached an all-time high after Morgan Stanley's "top pick" list inclusion.
    • Tesla jumped 4.8%.

  • Sector Performance:

    • S&P 500 tech index led gains.
    • Financials index rose 0.8%, with Goldman Sachs hitting a record high.
    • Macy's shares dropped 15.3% after ending buyout talks.

Market Breadth:

  • Advancing issues outnumbered decliners:
    • NYSE: 1.42-to-1 ratio
    • Nasdaq: 1.59-to-1 ratio
  • New highs:
    • S&P 500: 31 new 52-week highs, 1 new low
    • Nasdaq: 96 new highs, 15 new lows

Conclusion:

Wall Street's rally reflects optimism about Trump's potential second term and expected interest rate cuts. As the corporate earnings season continues, the focus remains on whether high-valued megacap stocks can sustain their momentum.

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