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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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2024’s Financial Milestones: From Bitcoin’s Highs to Nvidia’s Trillions

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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