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Market Daily Report: Bursa Malaysia Closes Higher On Strong Buying Of Blue Chips

KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage.   At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session.  Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
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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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