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Market Daily Report: Bursa Malaysia Ends Higher On Blue-Chip Buying, Tracks Most Regional Markets

KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia ended higher on Friday as investors continued to accumulate blue-chip stocks in line with stronger performances across most regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.50 points to 1,724.90 from yesterday’s close of 1,720.40. The benchmark index opened 0.83 of a point higher at 1,721.23, and moved between 1,715.67 and 1,730.12 throughout the day. The broader market was positive with gainers outpacing losers 707 to 402, while 547 counters were unchanged, 1,085 untraded and 56 suspended. Turnover expanded to 3.03 billion units valued at RM3.56 billion from 2.49 billion units valued at RM2.25 billion on Thursday.
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Why the Fed is Set to Cut Interest Rates Despite Stubborn Inflation

 Key Takeaways:

  1. Fed's December Rate Cut Likely:

    • Market Consensus: Fed-funds futures show nearly a 100% chance of a quarter-point rate cut at the Dec. 17-18 meeting.
    • Reasoning: The decision reflects broader economic trends rather than the latest inflation figures.

  2. Inflation Progress:

    • Core Inflation: Remained steady at 0.3% month-over-month in November, with an annual rate of 3.3%, consistent with October's pace.
    • Overall CPI: Increased slightly by 0.3% month-over-month, with a 2.7% annual rate, signaling some stabilization.

  3. Fed’s Perspective:

    • San Francisco Fed President Mary Daly: Advocates recalibrating monetary policy to avoid stalling economic growth or damaging the labor market.
    • Fed Governor Christopher Waller: Supports a cautious approach, recognizing recent inflation upticks but avoiding overreaction.

  4. Encouraging Signs:

    • Housing Inflation Normalization: Rent prices rose just 0.2%, marking a cycle low.
    • Core Services Inflation: Excluding shelter costs, core services rose only 0.1%, the slowest pace since August.
    • Transportation and Wages: Transportation prices remained flat, and nominal wage growth aligns with the Fed's inflation target.

  5. Broader Economic Context:

    • Labor Market: Employment conditions have returned to normal levels, reducing inflationary pressures from wage growth.
    • Productivity Gains: Recent gains have been disinflationary, providing optimism for 2025.

  6. Forward Guidance and Future Outlook:

    • Expectations for 2025: The Fed may signal a pause in cuts early next year and a slower pace of reductions thereafter.
    • Determined Goal: Officials remain focused on achieving a sustained 2% inflation target.
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