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
Markets rallied on Thursday as investors embraced weak labor data as a signal that the Federal Reserve is locked in to cut rates this month. All eyes now shift to Friday’s official August jobs report, which could set the tone for U.S. markets in September.
Market Recap
S&P 500 closed at a record high, up 0.8%.
Nasdaq Composite gained 1%.
Dow Jones Industrial Average rose 350 points (+0.8%).
Best sector: Consumer Discretionary (+1.8%).
Worst sector: Utilities (-0.1%).
Jobs Data in Focus
JOLTS report: For the first time since before the pandemic, job openings fell below the number of people seeking work.
ADP report: Private sector added just 54,000 jobs in August, fueling concerns of labor market softness.
Non-Farm Payrolls (Friday): Economists expect 80,000 jobs added. Unemployment rate forecast: 4.3% (up from 4.2%).
Why it matters:
A weaker labor market increases the likelihood of Fed cuts — potentially beyond September. But if Friday’s number undershoots badly, recession fears could take over.
Stock Highlights
T. Rowe Price (TROW) +5.8%: Jumped after Goldman Sachs announced a $1B investment and plans to buy up to 3.5% of shares. The partnership will focus on model portfolios and private-market access, giving T. Rowe new life amid ETF competition.
Estee Lauder (EL) -4.9%: The day’s biggest S&P 500 loser, sliding on weak sentiment in consumer staples.
Goldman Sachs (GS) +2.6%: Benefited from the T. Rowe deal and outperformed the broader financial sector.
What’s Next
Friday: U.S. August jobs report (NFP).
Expectation: 80,000 jobs added; unemployment to edge up to 4.3%.
Market impact: A weak print cements the cut; a stronger print could challenge the easing narrative.
Comments
Post a Comment