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Market Daily Report: Bursa Malaysia Rebounds To Reclaim 1,700 Level At Close

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.
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Global Markets Drop Amid US Shutdown Risks, Trump’s EU Tariff Threats

Global markets slid on Friday as concerns over a potential US government shutdown mounted and Donald Trump’s trade threats against Europe heightened tensions. Investors also focused on upcoming US inflation data that could influence Federal Reserve policy for 2025.

Key Market Highlights

1. US Government Shutdown Risks

  • A spending bill failed in the House of Representatives on Thursday, highlighting political volatility under President-elect Donald Trump.
  • Trump’s proposed tariffs and spending policies have increased uncertainty, with credit default swaps (CDS) on six-month US bills rising to a four-week high of 11 basis points.

2. Trump’s Trade Threats

  • Trump warned the European Union to increase purchases of US oil and gas or face tariffs:
    • “Otherwise, it is TARIFFS all the way!!!” he stated on Truth Social.
  • European stocks fell 1%, marking a 3% weekly drop, as US stock futures slipped 0.7%-1.1%.

3. Inflation and Fed Policy Outlook

  • The Core Personal Consumption Expenditures (PCE), a key US inflation measure, is expected to rise 0.2% in November.
  • A higher reading could further reduce expectations for rate cuts next year, with markets now pricing in fewer than two cuts for 2025.

4. Treasury and Currency Market Impact

  • 10-year Treasury yields surpassed 4.5% for the first time since May, amid a cautious Fed stance.
  • Dollar Performance:
    • Down 0.3% at 108.12, but close to a two-year peak of 108.43.
    • Euro gained 0.2% to US$1.03925.
    • Yen recovered 0.4%, trading at 156.87, after plunging 1.7% the previous day due to the Bank of Japan's dovish stance.

5. Commodity Prices

  • Oil: US West Texas Intermediate fell 0.6% to US$68.96.
  • Gold: Gained 0.5% to US$2,605 per ounce, benefiting from safe-haven demand.
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