KUALA LUMPUR, Dec 16 (Bernama) -- Bursa Malaysia extended its positive performance, closing higher for a fourth consecutive session, supported by improving local market sentiment underpinned by a firm domestic macroeconomic backdrop. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.59 points, or 0.28 per cent, to 1,648.31, from Monday’s close of 1,643.72. The index had opened 0.95 of a point lower at 1,642.77, and moved between 1,636.50 and 1,648.71 throughout the trading session However, on the broader market, decliners beat gainers 699 versus 408. A further 520 counters were unchanged, 1,149 untraded and 12 suspended. Turnover rose to 2.59 billion units worth RM2.27 billion from 2.50 billion units worth RM2.16 billion on Monday.
Key Takeaway
The S&P 500 closed at a new record high, fueled by soft U.S. labor market data that reinforced expectations for a Fed rate cut this month. Amazon, Broadcom, and Meta led the gains, with consumer discretionary stocks standing out.
Market Recap
S&P 500: +0.83% to 6,502.08 (record close)
Dow Jones: +0.77% to 45,621.29
Nasdaq: +0.98% to 21,707.69
Investors now see a 95% probability of a 25bp cut in September, according to CME FedWatch. Powell’s dovish tone has markets confident, unless Friday’s payrolls report delivers a major surprise.
Sector & Stock Highlights
Amazon (AMZN): +4.3% after JetBlue announced a partnership with its Project Kuiper satellite unit for in-flight WiFi.
Broadcom (AVGO): +1.2% before results; edged higher after hours with stronger Q4 revenue forecast.
Meta Platforms (META): +1.6% on tech buying momentum.
American Eagle (AEO): +38% after upbeat Q3 sales guidance.
Salesforce (CRM): -4.9% on weak Q3 outlook, raising concerns over slower AI monetisation.
Macro Drivers
Labor market cooling: Jobless claims rose more than expected; ADP showed hiring slowdown.
Jobs report ahead: Friday’s non-farm payrolls is key, but Powell has already signaled readiness to cut.
Seasonal caution: September remains historically weak for equities, averaging -1.5% since 2000.
Investor Take
The Fed’s dovish pivot and softer labor data are keeping equities buoyant, but September’s volatility risk remains. Watch Friday’s payrolls for confirmation. AI-linked names and consumer discretionary stocks are leading sentiment, but divergences like Salesforce show not all tech is equal.
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