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
The Dow Jones Industrial Average and the S&P 500 saw modest gains as investor confidence grew in anticipation of an imminent interest rate cut by the Federal Reserve. The energy sector led the rally, fueled by a surge in crude oil prices, while the tech-heavy Nasdaq Composite faced some pressure.
Key Highlights:
Federal Reserve Rate-Cut Expectations: Market sentiment was bolstered by Federal Reserve Chair Jerome Powell's comments on Friday, where he indicated that the time had come to lower borrowing costs due to diminishing inflation risks and moderating labor demand. This has increased the likelihood of a rate cut, with the CME Group's FedWatch tool showing a 69.5% chance of a 25-basis-point cut and a 30.5% chance of a 50-basis-point cut.
Market Performance:
- Dow Jones Industrial Average: The Dow rose by 171.49 points, or 0.42%, reaching 41,346.57.
- S&P 500: The S&P 500 gained 6.01 points, or 0.11%, to 5,640.62, nearing record highs.
- Nasdaq Composite: The Nasdaq Composite dipped by 36.60 points, or 0.20%, to 17,841.20, weighed down by losses in some tech stocks.
Energy Sector Rally: Energy stocks surged by 1.7%, hitting a one-week high as crude oil prices jumped nearly 3%. The increase in oil prices was driven by reports of production stoppages in Libya and concerns over potential supply disruptions from the Middle East due to ongoing geopolitical conflicts.
Nvidia and AI Sector: Nvidia, a key player in the AI and semiconductor sectors, saw its stock rise by 0.4% ahead of its earnings report scheduled for Wednesday. The company's performance will be closely scrutinized to justify its significant year-to-date gain of over 160%, which has made it the second-largest company by market cap after Apple.
Mixed Earnings Reports:
- PDD Holdings: US-listed shares of PDD Holdings plummeted by 26.8% after the company missed market expectations for its second-quarter revenue.
- Boeing: The aerospace giant slipped by 0.40% following the news that NASA selected SpaceX over Boeing’s Starliner to return its astronauts from space next year.
Broader Market Sentiment: Advancing issues outnumbered decliners by a ratio of 3.28-to-1 on the NYSE and 1.64-to-1 on the Nasdaq. The S&P 500 recorded 78 new 52-week highs, while the Nasdaq saw 108 new highs and 10 new lows.
Outlook: As the week progresses, investor attention will shift to upcoming economic data, including GDP estimates for the second quarter and July’s Personal Consumption Expenditure (PCE) data, which is the Fed's preferred measure of inflation. The results from Nvidia, along with other major companies like Dell, Salesforce, and Dollar General, will also be pivotal in shaping market sentiment.
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