KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Asian equities fell on Wednesday, led by chip stocks following disappointing earnings from ASML, Europe's largest tech firm. The Nikkei dropped 1.8%, Taiwanese stocks slipped 1.2%, and South Korean stocks fell 0.6%. The broader MSCI Asia-Pacific Index was down 0.32%, reflecting investor caution as global risks, including the upcoming U.S. election, loom large.
ASML, which supplies equipment to major chipmakers such as TSMC, Intel, Samsung, and Micron, warned that 2025 sales would be lower than expected, despite a boom in AI-related chips. Weaker demand in other semiconductor sectors created a sense of caution, impacting the global chip market. Additionally, a Bloomberg report about potential U.S. export restrictions on AI chips added to market jitters.
Chinese stocks also struggled, with the CSI 300 Index falling 0.6% and the Hang Seng Index down 0.7%. Investors are awaiting further details on China's stimulus plans, particularly in the property sector, as the government prepares to discuss measures to promote "steady and healthy" development.
Meanwhile, the U.S. dollar surged, supported by expectations that the Federal Reserve will take a modest rate cut approach. Traders now see a 96% chance of a 25-basis-point rate cut in November. The dollar index hovered near its highest levels since August, pressuring the euro and keeping the yen steady at 149.15 per dollar.
In commodities, oil prices remained steady after sharp declines, with Brent crude up 0.4% at $74.56 per barrel and West Texas Intermediate rising 0.5% to $70.93 as uncertainty around Middle East tensions persisted.
Comments
Post a Comment