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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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Global Stocks Near Record Highs as Nvidia Earnings Loom

Global stock markets hovered near record peaks on Wednesday, with attention focused on the highly anticipated earnings report from chipmaking giant Nvidia. The company's performance is seen as a critical indicator for the broader market, particularly in the technology sector. Meanwhile, sterling reached a two-and-a-half-year high, driven by expectations that the UK will delay interest rate cuts compared to the US.

Key Takeaways:

  1. Nvidia's Market Impact: Nvidia's earnings report is poised to significantly influence global markets. With a staggering 3000% increase in stock price since 2019 and a market capitalisation of $3.2 trillion, any substantial move in Nvidia's shares could drive a near $300 billion swing in market value. This makes it potentially the largest earnings-related market move ever. Analysts highlight Nvidia's revenue guidance as a key barometer for AI-related capital expenditure, setting the tone for other major tech stocks.

  2. Sterling's Surge Amid Rate Cut Expectations: The British pound reached its highest level in over two years, buoyed by speculation that the Bank of England (BOE) will be more cautious in cutting interest rates compared to the US Federal Reserve. While markets anticipate four consecutive rate cuts from the Fed, the BOE is expected to proceed with more gradual reductions, which has supported sterling's outperformance among major currencies.

  3. Market Stability Amid Varied Sector Performance: While global stocks remain near record highs, market performance varied across sectors. E-commerce shares in Hong Kong stabilized after recent declines, while China’s Anta Sports saw an 8.5% gain following strong profits and a substantial buyback. In contrast, Australian gambling company Tabcorp faced a sharp 12% drop after missing earnings targets due to rising costs.

In summary, Nvidia's upcoming earnings report is a pivotal event that could drive significant market movements, particularly in the technology sector. Meanwhile, sterling's strength underscores divergent expectations in global interest rate policy, adding another layer of complexity to the current market environment.

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