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.
Wall Street closed lower Wednesday, led by a retreat in tech stocks as investors turned cautious ahead of the Fed’s Jackson Hole symposium.
🔻 Tech-Led Pullback
After fueling the post-April rebound, tech stocks took a breather:
Nvidia: -2.8%
AMD: -3.0%
Intel & Micron: -6%
Apple: -1.4%
Meta: -2.3%
This pause follows concerns about stretched valuations and growing government involvement, including possible equity-for-grant deals under the Chips Act.
“A pullback after such a strong run is normal,” said Adam Sarhan, CEO of 50 Park Investments. “But deeper selling could shift flows to small-caps or defensive sectors like healthcare.”
🧭 Fed in Focus: Jackson Hole Looms
The market is bracing for potential monetary policy clues from:
FOMC Minutes (July) — due 2:00pm ET
Jackson Hole Symposium (Aug 21–23)
Fed Chair Powell's speech — scheduled Friday
While traders are pricing in a 25-basis-point rate cut in September, the Fed’s messaging this week could adjust expectations.
Notably, investors are also digesting mortgage fraud allegations involving Fed Governor Lisa Cook, adding further uncertainty.
Retail Earnings Miss
Retail stocks offered no relief:
Target: -8.2% after announcing a new CEO and reaffirming reduced FY forecasts
Estee Lauder: -2.5% on weak profit guidance due to tariffs
Trade worries also resurfaced after the Commerce Department imposed 50% tariffs on 400+ steel and aluminum derivative products.
Index Snapshot (as of 10:04am ET)
Dow: 44,904.72 (-0.04%)
S&P 500: 6,371.75 (-0.62%)
Nasdaq: 21,042.50 (-1.28%) → 2-week low
Market Breadth
NYSE: Advancers beat decliners (1.04-to-1)
Nasdaq: Decliners dominated (1.61-to-1)
S&P 500: 20 new 52-week highs, no new lows
Nasdaq: 17 new highs, 75 new lows
Investor takeaway: Markets are entering a wait-and-see mode ahead of Powell’s Jackson Hole remarks. Any signs of Fed hesitation or hawkish surprise could shake tech-heavy portfolios further. Be prepared for rotation and rising volatility.
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