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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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Recession Fears Rise as US Consumer Confidence Plunges

Sharpest Drop Since 2021 as Economic Pessimism Spreads

  • US consumer confidence fell 7 points in February to 98.3, marking the third consecutive decline and the largest drop since August 2021.
  • The report, released by The Conference Board, showed worsening perceptions of labor conditions, future incomes, and business outlook.
  • Stocks and bond yields declined following the data, as recession fears intensified.

Consumers Cutting Back on Major Life Plans

  • A Wells Fargo study found over half of Americans are delaying major financial decisions, citing economic uncertainty and Trump’s tariff threats.
  • Key postponements include:
    • Home purchases (one-third of respondents)
    • Education plans (one in six)
    • Retirement plans (one in eight)

Wall Street Selloff Deepens

  • The Magnificent 7 stocks tumbled into correction territory, with a $1.6 trillion market value loss since December.
  • Tesla led the declines, plunging 37%, followed by significant drops in other tech giants.
  • The downturn reflects uncertainty over Trump’s economic policies, inflation risks, and AI sector concerns.

Corporate and Policy Shifts

  • Citigroup reversed its DEI (Diversity, Equity, and Inclusion) initiatives after Trump’s executive order banning “illegal DEI” policies.
  • A group of 21 federal workers resigned from Elon Musk’s “Department of Government Efficiency”, protesting efforts to dismantle federal agencies.

Global Economic Developments

  • Ukraine and the US finalized a minerals deal, seen as a strategic move in ongoing geopolitical tensions.
  • The Financial Stability Board (FSB) launched an investigation into hedge funds, focusing on leveraged bond market trades that could pose systemic financial risks.

Corporate Leadership and Market Trends

  • Unilever appointed Fernando Fernandez as CEO, replacing Hein Schumacher amid dissatisfaction over restructuring progress.
  • Trump’s tax cut plan advanced in the House, supporting stock markets and the dollar, while Treasury yields stabilized after recent declines.

What to Watch Next?

  • Nvidia’s earnings report, which could impact AI sector sentiment.
  • The European Central Bank’s stance on rate cuts.
  • Further market reactions to Trump’s economic policies.
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