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.
As 2024 comes to a close, it’s clear this has been a year of remarkable financial milestones and volatility. From historic gains in tech stocks and cryptocurrencies to significant geopolitical and economic shifts, these events reshaped global markets.
1. Trump and Musk: The Power Duo
Trump's Return:
- Donald Trump became the first non-consecutive two-term U.S. president since 1892, sweeping Congress.
- Shares of $Trump Media & Technology (DJT.US)$ saw extreme volatility, with the DJT index surging 120% in October alone.
Musk’s Gains:
- Elon Musk supported Trump, donating $250 million to his campaign and was appointed head of the new "Department of Government Efficiency."
- $Tesla (TSLA.US)$ shares soared 75% post-election, hitting $488, while Musk’s net worth grew by $200 billion.
2. Bitcoin’s Meteoric Rise
- Price Milestones: Bitcoin surged 130% in 2024, surpassing $100,000 and becoming the 7th largest global asset.
- Key Catalysts:
- January: Approval of Bitcoin spot ETFs.
- April: Halving event.
- November: Trump’s election and pro-crypto policies, including appointing a crypto advocate as SEC chair.
- Bitcoin ETFs amassed $100 billion in assets within 10 months, reaching 82% of U.S. gold ETF levels.
3. Black Monday: Global Market Turmoil
- On August 5, financial markets were rocked by:
- S&P 500: Fell 3%, with the CBOE Volatility Index (VIX) spiking 180%.
- Nikkei 225: Dropped 12%, its largest single-day decline ever.
- KOSPI: Declined over 8%, triggering trading halts.
- Trigger:
- Japan’s unexpected 15-basis-point rate hike spurred a yen appreciation, unwinding carry trades and fueling sell-offs.
4. Nvidia: The Stock Market King
- Historic Growth:
- Nvidia’s stock surged 160% in 2024, driven by explosive growth in its AI-powered data center division.
- Achieved a $3 trillion market cap by June 5, surpassing Microsoft and Apple.
- Record Gains: On February 22, Nvidia added $277 billion in market value, the largest single-day gain in U.S. market history.
5. Chinese Stocks: A Policy-Driven Rally
- Stimulus Impact:
- Beijing’s National Day stimulus measures boosted U.S.-listed Chinese stocks and indices like the Nasdaq Golden Dragon China Index (+38%).
- Top Performers:
- $KE Holdings (BEKE.US)$ and $Bilibili (BILI.US)$ (+70%).
- $JD.com (JD.US)$, $PDD Holdings (PDD.US)$, and $Kanzhun (BZ.US)$ (+50%).
- Monetary Policies:
- The People’s Bank of China announced rate cuts, reduced reserve requirements, and property market support.
- The Politburo’s emphasis on "moderately loose monetary policy" marked a shift not seen since 2010.
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