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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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RBNZ Cuts OCR to 3.00%, Signals More Easing as Growth Stalls

New Zealand’s central bank surprised markets with a dovish pivot, slashing its policy rate to a three-year low of 3.00%and signaling the possibility of further rate cuts as economic conditions weaken both domestically and globally.

Key Policy Action

  • Rate cut: 25 basis points, bringing the Official Cash Rate (OCR) to 3.00%

  • Lowest level since: Early 2022

  • Dissenting votes: 2 of 6 members voted for a deeper 50bps cut

  • New projected floor: OCR at 2.55% by Q1 2026 (down from 2.85%)

Market Reaction

  • NZD/USD fell as much as 1.2% to a 4-month low of $0.5829

  • 2-year swap rates dropped to 2.96%, the lowest in over three years

  • Market pricing: Now implies a >100% chance of another cut in November, and ~50% chance in October

RBNZ Policy Statement Highlights

“Cautious behaviour by households and businesses could further dampen economic growth… There is scope to lower the OCR further if inflation pressures continue to ease.”

  • Growth: Economy stalled in Q2 2025

  • Inflation: Still within 1–3% target band, expected to hit 3.0% in Q3 before easing

  • Forecast OCR path:

    • Q4 2025: 2.71% (vs. 2.92% in May)

    • Q1 2026: 2.55%

Economic Headwinds

  • Weak recovery from 2024 recession

  • Rising unemployment

  • Tight fiscal policy and global slowdown

  • Prior aggressive tightening of 525bps between Oct 2021–Sep 2023 still weighing on demand

Analyst Take

“The fact that members gave serious consideration to an outsized 50bp cut is quite telling,”
– Abhijit Surya, Capital Economics

“Given the tone, we now forecast 25bps cuts in both October and November,”
– Stephen Toplis, Bank of New Zealand

Investor Outlook

With the RBNZ turning increasingly dovish and growth risks intensifying, traders and portfolio managers may consider:

  • Repricing NZD-denominated assets

  • Monitoring front-end yields for more downside

  • Positioning for a softer kiwi dollar in FX pairs

  • Watching for spillover impact on regional central banks if easing momentum builds

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