KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia rebounded to end higher today with the benchmark FBM KLCI reclaiming the 1,700 psychological level, supported by improved global sentiment after US President Donald Trump signalled a potential de-escalation of the Iran conflict, alongside Malaysia’s stronger Industrial Production Index (IPI) data. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 27.51 points, or 1.64 per cent, to 1,701.68 from yesterday’s close of 1,674.17. The benchmark index opened 10.68 points higher at 1,684.85, its lowest point today, and hit a high of 1,703.61 in the late afternoon session. Market breadth was positive, with gainers thumping losers 929 to 382. A total of 361 counters were unchanged, 982 untraded and 19 suspended. Turnover declined to 3.60 billion units worth RM3.75 billion from yesterday’s 5.52 billion units worth RM5.87 billion.
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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