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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
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024’s Market Winners: Bitcoin, Tech Stocks, and Gold Dominate Amid Global Shifts

The year 2024 was marked by transformative shifts in global financial markets, with standout performances from Bitcoin, U.S. equities, and gold, while other assets, like crude oil, faced challenges.

Key Market Highlights

1. Bitcoin’s 136% Surge: A Digital Gold Rush

  • Performance: Bitcoin soared 136.88%, becoming the top-performing asset of 2024.
  • Drivers:
    • Institutional Investment: Increased adoption for its inflation-hedging properties.
    • Bitcoin ETFs: Approval in the U.S. improved liquidity and accessibility.
    • Technological Advancements: Lightning Network upgrades attracted long-term investors.
    • Trump’s Re-Election: Analysts expect lenient crypto policies, including potential tax reductions and compatibility initiatives with the U.S. dollar.
  • Outlook: Analysts warn of potential regulatory scrutiny in 2025, but Bitcoin’s appeal may strengthen if inflationary pressures persist globally.

2. U.S. Equities Soar on Tech Leadership

  • Nasdaq: +32.74%
  • S&P 500: +26.86%
  • Key Drivers:
    • Generative AI Boom: Companies like Nvidia and Microsoft fueled the tech sector's exponential growth.
    • Federal Reserve Policy: A dovish stance mid-year bolstered liquidity.
    • Shareholder Returns: Stock buybacks and dividends drove prices higher.

3. Asia-Pacific Markets: Mixed Performance

  • Nikkei 225: +17.95%, supported by Japan’s ultra-loose monetary policy.
  • Hang Seng Index: +16.48%
  • FTSE China A50: +15.86%, recovering late in the year due to supportive policies.

4. Commodities: Gold Shines, Oil Stumbles

  • Gold: +28.68%, driven by geopolitical tensions and inflows into gold ETFs amid a weaker dollar.
  • Natural Gas: +30.88%, rebounding due to global cold waves and supply disruptions.
  • Crude Oil: -3.31%, impacted by the faster transition to renewables, reducing demand.
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