KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Wall Street's main indexes fell on Wednesday, as rising US Treasury yields and losses in McDonald's and Coca-Cola impacted investor sentiment. The 10-year Treasury yield climbed to a three-month high, raising concerns over the potential size of future Federal Reserve interest-rate cuts, as strong economic data suggests a less dovish stance from the central bank.
"When you get a 10-year Treasury yield at 4.25%, it pressures the stock market, slowing down the rally and causing some nervousness," said Robert Pavlik, senior portfolio manager at Dakota Wealth.
Rate-sensitive growth stocks were among the hardest hit, with Nvidia down 1.8% and Apple slipping 0.5%. The tech-heavy Nasdaq saw a 0.47% decline, while the S&P 500 and Dow Jones also fell by 0.34% and 0.57%, respectively.
McDonald's slumped 6.1% following an E. coli outbreak linked to its Quarter Pounder hamburgers, which resulted in one death and multiple illnesses, dragging down the Consumer Discretionary sector by 0.7%. Coca-Cola also dipped 2.7% despite reiterating its annual profit growth forecast, contributing to the market's downturn.
On the positive side, Texas Instruments rose 4% after beating profit forecasts, and AT&T gained 1% on stronger-than-expected subscriber growth. However, Qualcomm dropped 2.7% following reports that Arm Holdings may cancel its license to use chip-design intellectual property.
Investors are keeping a close watch on the Fed’s Beige Book and remarks from Fed official Thomas Barkin for further insights into the central bank’s outlook. Additionally, market volatility may increase due to the upcoming US presidential election, with concerns that a second Donald Trump administration could boost spending, widen the fiscal deficit, and drive inflation higher.
Despite the day's declines, the overall earnings season has been strong, with 83% of S&P 500 companies reporting earnings that exceeded estimates, according to LSEG data. However, the combination of a changing monetary policy outlook and political uncertainty could challenge the market's recent highs.
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