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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

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
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US Pending Home Sales Drop to Record Low in July

Contracts to purchase previously owned homes in the US fell sharply in July, reaching their lowest level since the National Association of Realtors (NAR) began tracking the data in 2001. The Pending Home Sales Index, which is based on signed contracts, dropped 5.5% to 70.2 in July, far below economists' expectations of a 0.4% increase. On a year-on-year basis, pending home sales plummeted by 8.5%.

Key Factors:

  1. Impact of High Prices and Borrowing Costs: The significant decline in pending home sales reflects the challenges of affordability, with higher home prices and increased borrowing costs deterring potential buyers from the market.

  2. Broad Regional Decline: The drop in pending home sales occurred across all four major US regions, indicating a nationwide trend of reduced buying activity.

  3. Subdued Sales Outlook: With elevated house prices and economic uncertainty, particularly ahead of the US presidential election, the sales activity is expected to remain low. The share of consumers planning to purchase a home over the next six months fell to its lowest since early 2013, according to a recent Conference Board survey.

Overall, the housing market faces headwinds from affordability issues and cautious consumer sentiment, suggesting that sales activity will remain muted in the near term.

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