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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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Stocks and Dollar Gain as House Advances Trump’s $4.5 Trillion Tax Cut Plan

Market Rally Driven by Trump’s Tax Cuts & Economic Optimism

  • Global stocks surged after House Republicans approved President Trump’s $4.5 trillion tax-cut plan.
  • U.S. stock futures rebounded, with Nasdaq futures up 0.8% and S&P 500 futures gaining 0.5%.
  • European stocks climbed for the second day, with STOXX 600 up 0.7%, and blue-chip indexes in Frankfurt, Paris, and London rising between 0.7% and 1.1%.

Treasury Yields & Fed Rate Expectations

  • U.S. Treasury yields edged higher:
    • 10-year yield rose to 4.311% after dropping 10 basis points on Tuesday.
    • 2-year yield increased by 2 basis points to 4.112%.
  • Investors anticipate more debt issuance and at least two Fed rate cuts this year due to slowing U.S. economic data.
  • U.S. consumer confidence fell at its sharpest pace in 3.5 years, fueling expectations of a dovish Fed policy.

Dollar, Commodities, and Market Trends

  • The dollar index gained 0.2%, recovering from a two-month low.
  • Oil prices rebounded, with Brent crude at $73.22 and WTI crude up 0.4% to $69.19 after Tuesday’s slump.
  • Copper prices jumped 4% after Trump ordered a probe into potential copper tariffs.
  • Gold remained steady at $2,915 per ounce.

Nvidia Earnings & AI Market Focus

  • Investors await Nvidia’s earnings report, a key indicator of AI sector momentum.
  • AI-linked stocks saw a selloff earlier this week, with Magnificent Seven stocks dropping 2.5% on Tuesday.
  • Analyst concerns about slowing data center investments could impact sentiment on AI stocks.

Summary:

  • Global stocks surged as Trump’s $4.5 trillion tax-cut plan advanced in the House.
  • U.S. Treasury yields climbed, while expectations for Fed rate cuts grew due to weak consumer confidence data.
  • The dollar rebounded, oil and copper prices gained, and markets are closely watching Nvidia’s earnings for AI sector clarity.
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