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Market Daily Report: Bursa Malaysia Ends Lower On Caution Over Rising Oil Prices, West Asia Tensions

KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia’s benchmark index closed lower today, in line with most regional markets, as investors adjusted their risk exposure amid spiralling oil prices driven by the ongoing West Asia conflict, now in its second month. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) retreated by 24.75 points or 1.44 per cent to 1,687.90 from Friday’s close of 1,712.65. The market bellwether opened 10.57 points weaker at 1,702.08 and fluctuated between 1,682.79 and 1,702.38. The broader market was bearish, with decliners thumping advancers 956 to 371. A total of 373 counters were unchanged, 1,042 untraded and 134 suspended. Turnover expanded to 3.98 billion units worth RM4.85 billion from last Friday’s 2.97 billion units worth RM3.25 billion.
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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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