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Market Daily Report: Profit-taking Ends Bursa Malaysia's Five-day Winning Streak

KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25.  The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended.  Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.  
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US Industrial Production Falls for Third Straight Month

 Key Highlights:

  • Overall Decline: US industrial production dropped 0.1% in November, marking the third consecutive monthly decline, against expectations of a 0.3% rise.
  • Weaker Segments:
    • Utilities: Output fell the most in four months.
    • Mining: Recorded the largest decline since May.
  • Manufacturing: Increased 0.2%, but below expectations, following a revised 0.7% decline in October.

Sector Analysis

  • Aerospace Equipment: Despite the end of a Boeing machinists' strike, aircraft parts production fell, dragging down the sector.
  • Utilities: Declines reflect lower seasonal demand and output volatility.
  • Mining: Reduced extraction activities contributed to the weakest results since May.

Why It Matters

  • High Borrowing Costs: Companies continue to limit capital spending due to elevated interest rates.
  • Export Challenges: A strong dollar and sluggish global markets are adding headwinds for US manufacturers.
  • Economic Growth Signals: Persistent weakness in industrial output raises concerns about the manufacturing sector’s recovery heading into 2025.

Looking Ahead

Manufacturers may face ongoing struggles due to:

  1. Tepid global demand impacting exports.
  2. Elevated interest rates slowing business investments.
  3. Continued strength of the US dollar, which makes American goods less competitive abroad.

This decline adds pressure on the Federal Reserve as it assesses the economic landscape ahead of its upcoming policy decisions.

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