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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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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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