KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Gold prices are hovering near $3,375/oz, holding recent gains as traders ramp up expectations for a September Fed rate cut. Weaker US jobs data and rising concerns over economic slowdown have fueled a 98% probability of a rate cut being priced in.
Key Drivers:
Weak US jobs data → fuels dovish Fed outlook
Fed independence concerns → resignation of Governor Adriana Kugler opens door for Trump-aligned replacement
Gold’s 2025 rally: ▲ 30% YTD
Fueled by:
Trade wars
Geopolitical risks
Central bank purchases
Dollar weakness
Market Snapshot (as of 8:18am SGT):
Gold: $3,377.26/oz ▲0.1%
Silver, Palladium, Platinum: steady
Bloomberg Dollar Index: ▼0.2%
Outlook:
Fidelity International sees gold hitting $4,000/oz by end-2026 if:
Fed accelerates rate cuts
US dollar continues to weaken
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