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Market Daily Report: Bursa Malaysia Closes Higher On Strong Buying Of Blue Chips

KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage.   At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session.  Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 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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