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...
Global Market Snapshot
US-EU Trade Deal: US and EU agreed to lower planned tariffs on EU goods from 30% to 15%, calming trade war fears.
Wall Street: Nasdaq (+0.33%) and S&P 500 (+0.02%) hit record highs; Dow (-0.14%) slipped.
Tesla: Shares jumped 3% on news of a Samsung partnership to produce AI chips for EVs and robotics.
Malaysia Market Update
KLCI: Closed at 1,529.38 (-0.29%) as caution set in ahead of the Aug 1 US tariff deadline.
Top Gainer: Nestle Malaysia RM88.00 (+2.92%)
Top Loser: PPB Group RM9.25 (-2.32%)
USD/MYR: 4.2409 (+0.23%)
BNM Cuts Growth Forecast
Bank Negara Malaysia revised its 2025 GDP outlook to 4.0%-4.8% (from 4.5%-5.5%) due to global trade risks and potential US tariffs.
Inflation forecast: Lowered to 1.5%-2.3%.
Producer Prices: June PPI down 4.2% YoY, led by steep declines in mining (-8.0%) and manufacturing (-4.3%).
Corporate Highlights
Ekovest-Knusford RM450m Merger: Deal has officially fallen through after the third deadline passed without an extension.
Zetrix: Lost foreign worker permit renewal contract to Bestinet in a new 6-year deal.
Insas: Raised stake in Microlink to 32.9% via 479.5m rights shares.
Berjaya Food: Proposed bonus issue of up to 885.9m warrants (1-for-2).
Ireka: RM1.1b Pan Borneo Highway subcontract terminated due to funding issues.
Techstore: Won RM7.7m contract to supply scanners to the Royal Malaysian Customs Department.
Ecoshop: Q4 net profit dropped 10.1% YoY on higher operating costs.
Key Risks to Watch
US tariff deadline on Aug 1 could impact Malaysia’s export outlook.
Weak PPI signals potential deflationary pressures in key sectors.
Bottom Line: Malaysia faces a cautious outlook as global trade tensions weigh on growth expectations. Investors are eyeing the US tariff decision and domestic corporate moves to gauge near-term market direction.
Comments
Post a Comment