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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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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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