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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Gold Slides 1.6% as Fed Signals Cautious Rate Cuts, Economic Data Looms

Gold is heading for a weekly decline, with prices down 1.6% as optimism over 2025 Federal Reserve rate cutswanes. Despite trading above US$2,605 per ounce, the precious metal faces pressure from hawkish signals and resilient US economic data.

Key Highlights

1. Fed’s Rate-Cut Outlook

  • The Fed reduced rates on Wednesday but hinted at a cautious approach to further cuts.
  • Fed Chair Jerome Powell emphasized the need for “more progress on inflation” before additional easing.
  • Lower rates typically benefit gold, as it doesn’t pay interest, but the current monetary stance has tempered expectations.

2. Economic Data Weighs on Gold

  • US GDP Data: Thursday’s report showed resilient economic growth and consumer spending revised up to 2.2%, reducing urgency for rate cuts.
  • Traders now await the November Personal Consumption Expenditures (PCE) data, a critical inflation indicator, due Friday.

3. Gold’s 2024 Rally Stalls

  • 2024 Performance: Gold surged 26% this year, supported by:
    • Monetary easing in the US.
    • Safe-haven demand amid global uncertainties.
    • Sustained central bank buying.
  • The rally paused in November as Donald Trump’s election victory boosted the US dollar, pressuring gold prices.

4. Market Challenges Ahead

  • ANZ Group Analysis: Analysts highlighted a potential headwind from weakening physical demand in India, a key gold market.
  • The Bloomberg Dollar Spot Index rose 1.2% over three sessions, further weighing on gold prices.

Other Precious Metals

  • Silver: Steady.
  • Palladium: Unchanged.
  • Platinum: Declined.
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