The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Market Daily Report: Bursa Ends Lower On Heightened Caution In Data-heavy Week, Ahead Of US Election
KUALA LUMPUR, Oct 28 (Bernama) -- Bursa Malaysia ended lower on Monday as a data-heavy week heightened caution amid ongoing concerns about the US election, the interest rate outlook and the crisis in the Middle East.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 7.83 points, or 0.48 per cent, to 1,610.47, from Friday’s close of 1,618.30.
The benchmark index opened 4.04 points higher at 1,622.34 and fluctuated between the day’s low of 1,609.87 and high of 1,630.39 during the session.
The market breadth was negative, with decliners outnumbering advancers 782 to 294 while 484 counters remained unchanged, 942 were untraded, and 30 were suspended.
Turnover dipped to 2.45 billion units valued at RM2.21 billion versus 2.47 billion units valued at RM2.14 billion last Friday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng noted that the local bourse ended easier despite the mainly positive performance of its regional peers, led by Japan. “Following the loss of the parliamentary majority by (Japan’s) ruling party, investors speculate that this uncertainty could prevent the Bank of Japan from implementing rate hikes,” he said.
Meanwhile, Hong Kong stocks see-sawed as investors were still assessing the prospect of China’s fiscal stimulus. China’s National People’s Congress will meet from Nov 4 to 8 to discuss financial policies, state asset management, and potential law changes, with investors hoping for updates on bond issuance and government borrowing.
Thong said investors are closely watching the US core personal consumption expenditures (PCE) price index and non-farm payroll reading this week.
Despite the cautious market sentiment, Thong said he believes bargain hunting in the domestic bourse will persist due to the appealing valuations of local stocks and ongoing institutional backing. “However, without indications of a breakout, we anticipate the benchmark index will move sideways with a slight upward bias, trending between 1,610-1,630 for the week,” Thong said.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the lack of compelling catalysts has caused the ongoing net selling by foreign investors. “With the US presidential election approaching, market sentiment remains cautious, prompting participants to adopt a defensive stance,” he added.
Among the heavyweight counters, Tenaga Nasional fell 38 sen to RM14 while IHH, Maybank and Sunway slid 14 sen to RM7.36, RM10.40 and RM4.32, respectively, and CIMB lost 10 sen to RM8.02.
Newly listed Sorento Capital was half-a-sen higher at 37.5 sen while Ingenieur Gudang and MyEG lost half-a-sen each to 4.5 sen and 88 sen, respectively. Lotus KFM was one sen easier at 20 sen while Northeast Group climbed 3.0 sen to 61.5 sen.
On the index board, the FBM Emas Index lost 61.78 points to 12,158.84, the FBMT 100 Index eased 54.47 points to 11,867.47 and the FBM Emas Shariah Index shed 64.80 points to 12,135.18. The FBM ACE Index dropped 60.62 points to 5,040.39
Source: Bernama
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