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Market Daily Report: Bursa Malaysia Ends Lower as Investors Eye US Data, BOJ Decision

KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week.   At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day.  The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
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Kenanga Predicts Ringgit to Stay Weak Against US Dollar Into 2025

The ringgit is forecast to remain under pressure against the US dollar in the near term, driven by the Federal Reserve’s less dovish monetary stance, according to Kenanga Research.

Key Projections

  • Exchange Rate: The ringgit is expected to stay above 4.50 against the US dollar going into 2025.
  • Recent Performance: The ringgit, which had gained 15% against the dollar between January and September, has since retreated amid the strength of the US economy. It last traded at 4.5060, up 1.88% year-to-date.

Factors Influencing the Ringgit

  1. US Economic Strength: Strong domestic demand and inflationary pressures are propping up the dollar.
  2. Fed’s Monetary Policy: The Fed’s cautious approach to rate cuts bolsters the dollar’s appeal, with markets anticipating only one rate cut in 2025.
  3. Trump’s Policies: Uncertainty around policies under the incoming US administration may lead the Fed to delay cuts further.

Outlook for 2025

  • Kenanga projects two to three Fed rate cuts in 2025, which could provide relief for the ringgit in the latter half of the year.
  • In Malaysia, Bank Negara’s overnight policy rate is expected to remain steady at 3% through 2025.
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