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Market Daily Report: Buying In Consumer Stocks Helps Bursa Malaysia Close Slightly Higher

KUALA LUMPUR, June 18 (Bernama) -- Bursa Malaysia’s key index finished marginally higher, supported by strong buying interest in consumer-related counters, amid mixed performance across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 1.40 points, or 0.08 per cent, to 1,711.39 from Tuesday's close of 1,709.99.  The key index opened 12.36 points firmer at 1,722.35 and moved between 1,711.31 and 1,722.63 throughout the session. Market breadth was negative, with losers leading gainers 678 to 493, while 549 counters were unchanged, 1,016 untraded and 34 suspended. Turnover increased to 4.50 billion units worth RM3.45 billion from 3.93 billion units worth RM3.45 billion on Tuesday.
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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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