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Market Daily Report: Bursa Malaysia's Benchmark Index Ends At Intraday High On Late Buying

KUALA LUMPUR, March 12 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier losses to end at its intraday high on Thursday, staging a late rebound during the final hour of trading. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.23 points to 1,711.01 from yesterday’s close of 1,708.78. The market bellwether opened 8.09 points lower at 1,700.69, and slipped to its day’s low of 1,694.80 during the mid-morning session before gaining momentum in the afternoon trading toward the close. However, market breadth was negative, with losers leading gainers 538 to 529. A total of 525 counters were unchanged, 1,075 untraded, and 17 suspended. Turnover climbed to 3.01 billion units worth RM3.53 billion from Wednesday’s 2.70 billion units worth RM2.78 billion.
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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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