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.
Asian equities followed Wall Street lower on Friday as markets braced for the release of US non-farm payrolls data, which could influence the Federal Reserve's upcoming policy decisions.
Market Performance
- Japan:
- Nikkei 225 futures fell 0.6%.
- Topix declined 0.4%.
- Australia: S&P/ASX 200 dropped 0.4%.
- Hong Kong: Hang Seng futures were little changed.
- US Equities (Thursday):
- S&P 500 fell 0.2%.
- Nasdaq 100 dropped 0.3%, marking their first declines in five sessions.
Bonds and Interest Rates
- US Treasuries:
- Yields on 10-year and 30-year bonds edged slightly lower.
- Swaps indicated a 70% probability of a quarter-point Fed rate cut in December.
- Japan: 10-year yield remained at 1.065%.
- Australia: 10-year yield held steady at 4.24%.
Currencies
- Dollar: Little changed, holding steady in anticipation of the jobs data.
- Yen: Fluctuated slightly against the dollar, trading at 150.08.
- Australian Dollar: Fell 0.2% to $0.6441.
Commodities
- Crude Oil:
- West Texas Intermediate was stable following OPEC+’s decision to delay production increases.
- Gold: Dropped 0.3% to $2,623.70 an ounce.
- Bitcoin: Fell 1.8% to $97,260.89, retreating from its record high above $100,000.
Key Economic Data
- US Jobless Claims:
- Rose to a one-month high on Thursday.
- November non-farm payrolls are expected to show a 220,000 job increase, rebounding from October's weaker numbers due to hurricanes and strikes.
- Eurozone GDP: Data expected Friday.
Market Commentary
Masahiro Ichikawa, Chief Market Strategist at Sumitomo Mitsui DS Asset Management, noted:
“Chipmakers were weak in the US, and semiconductor stocks in Japan are also vulnerable to selling. Major moves are unlikely today ahead of the US jobs data release.”
Matthew Weller, Analyst at Forex.com, added:
“With an interest-rate cut largely priced in, the risks may be skewed towards a greenback bounce if jobs data revise December’s pause odds.”
Additional Updates
- South Korea: Plans to boost after-hours liquidity for the won following this week’s political turmoil.
- France: Bond risk declined as lawmakers neared a budget agreement for 2025.
Upcoming Key Events
- US Jobs Report and Consumer Sentiment (Friday): Expected to provide insights into Fed policy direction.
- Eurozone GDP (Friday): Offers a gauge of regional economic health.
- India Interest Rate Decision and Malaysia Reserves Data: Scheduled for release.
Outlook
Asian markets reflect caution amid global uncertainties, including US job data and geopolitical turmoil. Investors remain focused on near-term Fed policy signals, which hinge on Friday’s employment report.
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