KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Asian markets slid Thursday as disappointing Chinese economic data and a steep drop in copper prices weighed on sentiment, while investors digested fresh U.S. trade moves and the Federal Reserve’s decision to hold rates steady.
Key Drivers:
China Slowdown: Hong Kong and mainland China shares led losses after July PMI readings came in weaker than expected, signaling slower economic activity.
Copper Prices: Copper futures plunged 19.4% after the U.S. announced a 50% tariff on copper pipes and wiring, though raw copper materials were excluded.
US-South Korea Deal: The Korean won rose 0.3% after President Trump announced a trade pact imposing a 15% tariff on Korean imports in exchange for US$350B in U.S. investments and US$100B in energy purchases.
Global Market Moves:
MSCI Asia-Pacific ex-Japan: -0.7%, still on track for a fourth monthly gain.
NASDAQ Futures: +1.2%, buoyed by strong Microsoft and Meta earnings.
S&P 500 Futures: +0.8%.
Dollar Index: 98.812, near a two-month high.
Fed Outlook:
The Fed held rates steady for the fifth straight meeting; two dissenting votes marked the first such split in over 30 years.
Traders cut the probability of a September rate cut to 40% from 60%.
Commodities:
Brent Crude: +0.33% to US$73.48.
WTI Crude: +0.21% to US$70.15.
Summary: Weak Chinese data, tumbling copper prices, and ongoing tariff uncertainty pressured Asian equities, even as strong U.S. tech earnings provided some support to global sentiment.
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