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
US Treasury yields and the dollar dipped, while the Dow Jones Industrial Average surged to a record high on Friday, as a mild US inflation report boosted expectations for a larger interest rate cut at the Federal Reserve's (Fed) November meeting.
The personal consumption expenditures (PCE) price index, the Fed's preferred measure of inflation, rose just 0.1% in August, down from 0.2% in July, indicating that inflation is moderating. Over the past 12 months, the PCE increased 2.2%, down from 2.5% in July, lifting market sentiment. This fueled expectations for a 50-basis-point interest rate cut at the Fed's upcoming policy meeting, with the probability of such a cut rising to 56.7% from 49.9% prior to the data release, according to the CME's FedWatch Tool.
The Dow Jones Industrial Average rose 137.89 points (0.33%) to close at 42,313.00, setting a new record, while the S&P 500 dipped 0.13% and the Nasdaq Composite fell 0.39%. Despite the slight declines in the S&P 500 and Nasdaq, all three major US indices posted their third consecutive week of gains.
Global stocks also rallied, with MSCI’s global stock index hitting an intraday record, and European shares closed at an all-time high, bolstered by China’s stimulus measures aimed at boosting its domestic economy. Chinese stocks saw significant gains, with blue-chip stocks jumping 4.5%, and Hong Kong's Hang Seng Index rising 13% for the week, marking its best performance since 1998.
The 10-year US Treasury yield fell 3.5 basis points to 3.754% as demand for safer assets increased amid geopolitical tensions in the Middle East, with Israel’s recent actions in Lebanon pushing investors towards Treasury bonds.
In currency markets, the dollar weakened against the yen, falling 1.82% to 142.17, after Shigeru Ishiba, Japan's former defense minister, appeared poised to become the next prime minister. The dollar index, which tracks the greenback against a basket of currencies, was down 0.17%, hitting its lowest level since July 2023.
In commodity markets, aluminum prices reached a 16-week high following China’s latest stimulus efforts, and oil prices edged up slightly, with US crude settling at US$68.18 per barrel and Brent crude at US$71.98 per barrel. Gold prices, although down 1% on the day, were on track for their best quarter in over eight years.
This market rally reflects optimism around a more aggressive Fed rate cut, coupled with China's economic stimulus, which has lifted both global stock markets and commodity prices.
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