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 S&P 500 ended its two-day climb on Wednesday, closing lower after fluctuating throughout the session as investors evaluated the Federal Reserve's potential rate cuts and analyzed recent housing-market data. Meanwhile, the Nasdaq 100 rose modestly, supported by strong performance in tech stocks like Micron Technology Inc and Nvidia Corp.
The 10-year US Treasury yield advanced to 3.79%, while the Bloomberg Dollar Spot Index gained after a 0.5% drop the day before. Micron shares surged more than 10% in post-market trading after the company provided a robust revenue forecast, driven by demand for AI hardware.
Fresh data revealed that US new home sales fell last month, though mortgage rates have dropped for eight consecutive weeks, sparking interest in home purchases. Skylar Olsen, chief economist at Zillow, noted that mortgage rates are unlikely to drop much further.
Market Eyes Fed Moves and Post-Rate-Cut Catalysts
Investors remain cautious following last week’s half-point rate cut by the Fed, seeking further catalysts such as a speech from Fed Chair Jerome Powell and key price data later this week. Some analysts, like Michael Rosen of Angeles Investments, believe the market may be overestimating the Fed's willingness to ease rates further, despite the recent accelerated rate cuts.
Fed Governor Adriana Kugler expressed support for last week's rate cut, suggesting more cuts may be appropriate if inflation continues to cool.
Looking ahead, Solita Marcelli of UBS Group AG emphasized the Fed's success in guiding the US economy to a soft landing as a key factor for broader market outlooks. Gargi Chaudhuri of BlackRock expects US growth to slow but remain positive, warning of potential volatility in the lead-up to the US election.
Global Markets React to Stimulus and Economic Data
Chinese stocks rallied for the sixth consecutive day after the central bank made its largest-ever rate cut on one-year policy loans, following a sweeping stimulus package. However, optimism around China's measures faded in other regions, with Latin American currencies, including the Mexican and Colombian pesos, declining.
In Europe, growing concerns about the economic outlook have led to expectations that the European Central Bank (ECB) may reduce rates next month. HSBC economists predict rate cuts at every ECB meeting from October to April, while Anwiti Bahuguna of Northern Trust highlighted unexpectedly slow economic growth in the region.
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