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 24 (Bernama) -- Bursa Malaysia continued its downtrend to close lower today for the fourth day running, in line with regional peers due to a broad global equity sell-off, said an analyst.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 9.30 points or 0.57 per cent, to end at its intraday low of 1,632.23 from Wednesday's close of 1,641.53.
The benchmark index opened 2.48 points lower at 1,639.05 and hit its intraday high of 1,643.08 in the early session.
Market breadth was negative, with decliners trouncing advancers 712 to 312, while 514 counters were unchanged, 964 untraded, and nine suspended.
Turnover fell to 2.64 billion units valued at RM2.28 billion versus 3.24 billion units valued at RM2.64 billion yesterday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the negative performance in local bourse and regional markets was mainly due to US election uncertainties.
"Concerns over a tight presidential race and slower rate cuts also weighed on Wall Street. As uncertainties grow and volatility escalates in global equities, we recommend investors stay vigilant.
“We believe the recent sell-off in the local market offers an opportunity for investors to engage in bargain hunting, especially for blue-chip stocks at lower levels," he told Bernama.
Therefore, Thong anticipates the benchmark index to trade between 1,630 and 1,640 towards the weekend.
Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan noted that defensive sectors, such as utilities, showed a mixed performance today, while healthcare stocks led the gainers.
In addition, the Technology Index ended its six-day rally with a 0.80 per cent drop, mirroring the poor performance of the technology sector on Wall Street as it has been under pressure due to rising Treasury yields, which have negatively impacted growth-oriented stocks globally.
"In the absence of fresh catalysts, the FBM KLCI is likely to remain range-bound for the rest of the week. Key drivers, such as US economic data and corporate earnings, will continue to shape the market direction.
"Investor sentiment is expected to stay cautious, particularly with uncertainties surrounding the upcoming general elections in Japan and the US," he said.
Among the heavyweights, Maybank declined four sen to RM10.58, Public Bank trimmed three sen to RM4.52, CIMB Group slipped five sen to RM8.13, and Tenaga Nasional gave up six sen to RM14.36, but IHH Healthcare soared 20 sen to RM7.41.
As for active counters, Fitters Diversified eased half-a-sen to 3.5 sen, Capital A inched down one sen to 98 sen, and Niche Capital Emas perked up one sen to 19.5 sen.
Meanwhile, BSL Corp and Ingenieur Gudang were flat at three sen and 5.5 sen, respectively.
Source: Bernama
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