KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 billion on Friday.
Asian equities are expected to rise on Thursday, buoyed by a weaker yen and stimulus measures from Beijing, providing support for the region’s two largest stock markets. Equity futures in Japan, Hong Kong, and Australia all advanced, indicating a positive outlook for Asian markets after a brief pause in the rally earlier this week.
The Hong Kong futures gains come despite a dip in a benchmark of US-listed Chinese companies, suggesting some fatigue in the stimulus-driven rally that has boosted Chinese equities this week. Asian stocks had been trading near their highest levels since early 2022, following a four-session rally.
In the US, equity futures edged higher in early Asian trading, with Micron Technology Inc surging over 10% after delivering a strong revenue forecast post-market. Meanwhile, Treasury yields advanced, supporting the dollar, which climbed 0.7%. The yen held steady after a 1% drop against the dollar in the previous session.
Investors in the US are watching for signs of recovery in the housing market, with new home sales down last month but mortgage rates dropping for eight consecutive weeks, spurring home-buying demand. Zillow’s chief economist, Skylar Olsen, noted that mortgage rates have likely reached their expected low for the near future.
China Stimulus Measures Boost Optimism
China’s central bank has recently surprised markets with a broad package of monetary stimulus, and more fiscal measures are expected in the coming days as President Xi Jinping’s Politburo prepares to meet ahead of a weeklong holiday. In a rare move, authorities announced direct cash handouts to people in extreme poverty, signaling a strong commitment to stimulating the economy.
Elsewhere in Asia, investors are awaiting key economic data, including industrial production in Singapore, machine tool orders in Japan, and Hong Kong trade data, which are set for release later in the day.
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