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Market Daily Report: Bursa Malaysia Ends Higher On Positive Sentiment, CI Up 0.83 Pct

KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
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Global Stocks Steady as U.S. Election Outcome Looms

 

Global financial markets are holding steady as investors await the outcome of the tight U.S. presidential election between Republican Donald Trump and Democrat Kamala Harris. With polls too close to call, markets are prepared for potential volatility depending on who wins. Here are the key points and likely market impacts:

  1. Stock and Bond Markets: MSCI's Asia-Pacific shares index is stable, while Japan’s Nikkei gained 1.3% on Tuesday. U.S. S&P 500 futures are up slightly, reflecting cautious optimism. Bond yields and the dollar are expected to respond depending on the election result, with a Trump win likely boosting the dollar and a Harris win potentially weakening it.

  2. Currency Movements: The dollar is currently at 152.35 against the yen and $1.0875 per euro. Traders expect a Trump victory to strengthen the dollar due to his protectionist policies and potential inflationary pressure, while a Harris victory may see a slight dollar decline, especially against currencies like the yen and Australian dollar.

  3. Oil and Commodities: Brent crude remains at $75.08 a barrel after a 3% rise due to delayed output increases from OPEC+. Bitcoin is holding at around $67,924, with traders seeing it as a potential hedge if Trump wins, due to expectations for a lighter regulatory approach.

  4. Global Trade Concerns: Analysts, including those from JPMorgan, note that the election outcome could affect global trade dynamics. A Harris win may preserve continuity and stability, while a Trump win might bring increased trade tariffs and a shift away from globalization, especially affecting China.

  5. Key Election States: Results from battleground states such as Georgia, Pennsylvania, Michigan, Arizona, Wisconsin, and Nevada will be closely monitored as they could determine the winner. There is also a possibility of a delayed result, with Trump potentially challenging any unfavorable outcome.

The next few days will be critical as markets brace for potential shifts based on the election results, Federal Reserve’s rate decision, and subsequent economic policies.

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