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Market Daily Report: Attractive Valuations Drive Buying, Bursa Malaysia Ends Higher

KUALA LUMPUR, June 12 (Bernama) -- Selected blue-chip counters trading at attractive valuations helped Bursa Malaysia close higher on Friday, despite cautious market sentiment driven by developments in West Asia, volatility in crude oil prices and uncertainty over the global interest rate outlook. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 4.10 points or 0.24 per cent to 1,683.63 compared with Thursday's close of 1,679.53.  The key index opened 5.34 points stronger at 1,684.87 earlier today and moved between 1,679.72 and 1,685.39 throughout the session. Market breadth was negative, with losers leading gainers 533 to 479, while 561 counters were unchanged, 1,130 untraded and 33 suspended. Turnover fell to 2.79 billion units worth RM2.31 billion from 3.32 billion units worth RM2.88 billion yesterday.
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Gold Holds Steady Ahead of Big Fed Speech at Jackson Hole

Quick Summary:

Gold prices were flat on Thursday as investors waited for Fed Chair Jerome Powell’s speech at the Jackson Hole symposium, which could hint at future interest rate cuts.

 What’s Happening?

  • Gold price:
    Spot gold dipped just 0.1% to US$3,341.93, and US gold futures for December dropped to US$3,384.40.

  • Investor focus:
    All eyes are on Jerome Powell’s keynote this Friday, as markets want to know if the Fed will prioritize job growth or stay tough on inflation.

What Analysts Say

“Gold prices aren’t expected to rise much unless we get a clear signal of rate cuts,”
said Brian Lan, MD of GoldSilver Central in Singapore.
He added that prices might stay in a range between US$3,300–US$3,400.

Key Market Context

  • The Fed hasn’t changed interest rates since December 2024.

  • The CME FedWatch tool shows an 85% chance of a rate cut in September.

  • Gold benefits when interest rates are low or when uncertainty is high.

 Extra Headlines

  • Politics & the Fed: Donald Trump called on Fed Governor Lisa Cook to resign over personal mortgage issues.

  • Global tensions: Russia warned that excluding Moscow from Ukraine-related talks would lead “nowhere.”

Also in Metals

  • Silver: US$37.86 (flat)

  • Platinum: Down 0.3% to US$1,334.99

  • Palladium: Down 0.1% to US$1,112.46

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