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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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Asian Shares Slip as Nvidia's Results Disappoint

Asian markets tracked lower following Wall Street futures on Thursday after Nvidia's earnings report failed to meet the high expectations of bullish investors, despite surpassing revenue forecasts. Nvidia's shares fell nearly 7% in after-hours trading, leading to declines in other tech stocks and contributing to broader market softness.

Key Takeaways:

  1. Nvidia's Impact on Markets: Despite strong revenue forecasts, Nvidia's results fell short of the high expectations set by investors, leading to a significant drop in its shares and a broader decline in tech stocks across Asia.

  2. Market Reactions: Asian markets, including the Nikkei and South Korea's indices, experienced declines, while Nasdaq and S&P futures also dropped. Nvidia's contractor, TSMC, saw its shares slip, impacting the broader Taiwanese market.

  3. Broader Economic Signals: The US dollar steadied, and Treasury yields remained stable, with investors closely watching upcoming US job reports and inflation data for signs of potential Federal Reserve rate cuts. Meanwhile, China’s economic concerns persisted, highlighted by UBS lowering its GDP growth forecast for 2024.

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