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Market Daily Report: Bursa Malaysia Ends Slightly Lower Amid Cautious Sentiment On West Asia Conflict

KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia closed marginally lower on Friday, as cautious sentiment persisted, with investors remaining on the sidelines amid ongoing conflicts in West Asia, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.80 points, or 0.16 per cent, to 1,695.50 from Thursday’s close of 1,698.30. The benchmark index opened 5.82 points higher at 1,704.12, and moved between 1,693.65 and 1,708.12 throughout the day.  However, market breadth remained positive, with gainers outnumbering losers 634 to 415, while 521 counters were unchanged, 1,077 untraded and 10 suspended. Turnover improved to 3.38 billion units worth RM2.95 billion from yesterday’s 3.20 billion units worth RM3.50 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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