KUALA LUMPUR, Jan 27 (Bernama) -- Bursa Malaysia finished in the negative territory today dampened by subdued trading observed across the board ahead of the upcoming Chinese New Year (CNY) festive holidays, said an analyst. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 14.76 points, or 0.94 per cent, to end at its intraday low of 1,558.97 compared to Friday’s close of 1,573.73. The benchmark index opened marginally lower by 0.42 of-a-point at its intraday high of 1,573.31 and moved in a downtrend path towards closing. Market breadth was negative with decliners thumping gainers 782 to 235, with 415 counters unchanged, 916 untraded and 60 suspended. Turnover narrowed to 2.76 billion units valued at RM2.38 billion compared to 3.0 billion units valued at RM3.06 billion registered last Friday. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan noted that the thin trading volume today indicated a clear retreat by investors ...
Bitcoin has surged by about 13% over the past week, outperforming global stocks and gold, with some investors interpreting this rally as a sign that markets anticipate a win for pro-crypto Republican candidate Donald Trump in the upcoming US presidential election. Billionaire Stan Druckenmiller pointed to crypto as one of the indicators signaling a Trump victory.
Trump has pledged to make the US the global hub for crypto, which has led to Bitcoin being labeled a "Trump trade". On prediction markets like Polymarket and PredictIt, Trump’s odds have risen to 58% and 54% respectively, while Vice President Kamala Harris' odds have declined.
The rise in Bitcoin exchange-traded fund (ETF) inflows, with over $1.6 billion since Oct 11, has also contributed to the rally. Bitcoin was trading at around $67,260 in Singapore, still below its March record of $73,798.
While prediction markets show momentum for Trump, national polls are close, with Harris leading by 1.6 percentage points on average, and Trump ahead by less than one percentage point in battleground states.
Harris has taken a more nuanced stance on crypto, supporting regulatory frameworks with safeguards, which contrasts with the Biden administration's crackdown.
Crypto has emerged as a key election issue, and Trump’s support for the sector represents a shift from his previous criticism of it. Meanwhile, Druckenmiller noted that markets, particularly in bank stocks and crypto, seem to be betting on a Trump victory.
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