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
Asian equities are poised for a pullback on Thursday, following a broad decline in US markets and increasing caution in the bond market. Futures for share indexes in Japan, Australia, and Hong Kong dipped early Thursday, after the S&P 500 dropped 0.9% and the tech-heavy Nasdaq 100 fell 1.6% on Wednesday.
Meanwhile, the yen steadied after dropping to its lowest level against the dollar in nearly three months, amid fears of potential intervention by Japanese officials. The US 10-year Treasury yield rose, pushing the dollar higher as traders scaled back their expectations of Federal Reserve rate cuts.
Tesla's after-hours rally of 8% on robust earnings provided a silver lining for tech stocks, with an ETF tracking the Nasdaq 100 gaining 0.4% in post-market trading.
Bond yields in Australia also climbed early Thursday, mirroring movements in US treasuries, as concerns over the pace of rate reductions by the Fed grow. The term premium on 10-year US Treasury notes reached its highest level since November, reflecting investor demand for higher yields on long-term debt.
In currency markets, the yen traded around 152 per dollar early Thursday, while Canada’s loonie fell after the Bank of Canada accelerated its easing measures.
Elsewhere, Taiwan Semiconductor Manufacturing Co halted shipments to a client after discovering that chips made for that client ended up with Huawei Technologies, raising concerns over potential US sanctions violations.
Investors are watching key upcoming events, including big tech earnings, October's payrolls report, and the US election, followed by the Fed meeting, which could add further volatility to markets in the coming weeks.
Despite recent challenges, some analysts remain optimistic. Nicholas Colas at DataTrek Research noted that higher yields could be a positive sign for economic growth and corporate earnings in the near term.
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