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 ...
KUALA LUMPUR, Oct 23 (Bernama) -- Bursa Malaysia closed lower for the third consecutive day, mirroring the subdued performance of the United States (US) stock indices following a day of mixed trading, said an analyst.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.01 points to end at its intraday low of 1,641.53 from Tuesday’s close of 1,642.54.
The benchmark index opened 1.67 points firmer at 1,644.21 and hit an intraday high of 1,645.90 at mid-morning.
Market breadth was positive, with advancers surpassing decliners 563 to 471, while 541 counters were unchanged, 928 untraded, and 15 suspended.
Turnover expanded to 3.24 billion units valued at RM2.64 billion versus 2.67 billion units valued at RM2.49 billion yesterday.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said market sentiment remains cautious as investors adopt a wait-and-see approach amid uncertainties surrounding the upcoming general elections in Japan and the US.
"In this environment, many investors have gravitated towards the banking sector. Consumer and banking stocks led gains among the FBM KLCI components.
"On a sectoral basis, the Bursa Malaysia Technology Index extended its rally for a sixth consecutive day, buoyed by positive feedback on Budget 2025," he told Bernama.
Moreover, Mohd Sedek anticipates a potential spillover effect on local markets as major US companies are set to release their earnings this week.
Meanwhile, SPI Asset Management managing partner Stephen Innes said the FBM KLCI managed to eke out a modest gain despite the relentless rise in US yields and the stronger dollar.
“Local investors found a glimmer of comfort from China’s latest moves which saw special government bonds to create a market stabilisation fund. This proposal is designed to inject some much-needed confidence into the market.
“However, following the quiet US market session, the overall appetite remained subdued. Traders are grappling with the sobering reality that the Federal Reserve may not be in the mood for aggressive rate cuts,” he said.
Among the heavyweights, Maybank and Public Bank were flat at RM10.62 and RM4.55, respectively, and CIMB added two sen to RM8.18.
Meanwhile, Tenaga Nasional declined four sen to RM14.42 and IHH Healthcare slipped two sen to RM7.21.
For active counters, Ingenieur Gudang inched up half-a-sen to 5.5 sen, Capital A added 1.5 sen to 99 sen, MY E.G. Services bagged one sen to 89.5 sen, and Sime Darby Property rose 2.0 sen to RM1.50, while Dataprep declined two sen to 15 sen.
Source: Bernama
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