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Market Daily Report: Late Selling Pushes Bursa Malaysia Into Negative Territory At Close

KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 billion on Friday.
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Chinese Stocks Rebound as Tech Leads Recovery; Global Markets Await Key Data

 Chinese & Asian Markets Overview

  • Mainland China & Hong Kong stocks rebounded, with Chinese tech stocks up over 2%, led by Alibaba & JD.com.
  • Asian markets traded mixed, reflecting uncertainty in the U.S. economy after weak consumer confidence data.
  • Optimism in Chinese stocks persists, driven by AI advancements and President Xi Jinping’s engagement with corporate leaders.

Market Factors to Watch

  • U.S.-China Trade Tensions: Trump's policies to decouple economic ties have unsettled global investors.
  • Upcoming China Policy Meetings: Investors are watching for potential policy shifts or economic support measures.
  • U.S. Fed Interest Rate Cuts: Markets are pricing in two rate cuts in 2025, as Treasury yields hit mid-December lows.

Global Market Reactions

  • U.S. Markets:

    • S&P 500 futures up 0.2% after a four-day losing streak.
    • Nvidia (NVDA) earnings on Wednesday could be a key driver for AI-related stocks.

  • Commodities:

    • Copper rose after Trump ordered a review of potential tariffs.
    • WTI crude steadied at $69.17/barrel, after dropping into the $60s range due to economic concerns.
    • Gold retreated, while Bitcoin continued its decline, extending a 6% overnight drop.

Key Economic Events This Week

  • Nvidia earnings (Wednesday) – A critical AI market barometer.
  • U.S. PCE inflation report (Friday) – The Fed’s preferred inflation metric, expected to cool further.
  • U.S. GDP & durable goods data (Thursday) – Market-moving economic indicators.

Summary:

  • Chinese stocks rebound, led by tech, while U.S. markets remain cautious.
  • AI and China’s policy direction remain key themes driving investor sentiment.
  • Markets await Nvidia earnings and the Fed’s inflation report for further direction.
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