KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Asian stocks extended their rally on Tuesday as the global artificial intelligence (AI) boom continued to pull money into technology shares, while gold surged to fresh record highs on expectations of further U.S. rate cuts.
Wall Street once again led the charge after Nvidia unveiled plans to invest up to US$100 billion in OpenAI, with its first data-center hardware set for delivery in 2026. The announcement sparked another wave of optimism across the tech sector, with giants such as Oracle, Apple, Tesla, and Nvidia itself fueling record highs. Market watchers noted that momentum funds and option traders are piling in, reinforcing the rally’s self-fulfilling nature.
At the same time, investors seeking to hedge risk have flocked to gold. The precious metal hit an all-time peak of US$3,755.47 per ounce, nearly 9% higher so far this month.
Across Asia, chip-related sectors are enjoying the spillover effect. South Korea’s market gained 0.2%, now up almost 9% in September. Japan’s Nikkei, though closed for a holiday, has already advanced 6.5% this month, while Taiwan climbed close to 7%. China’s blue chips edged up 0.1%. MSCI’s broad Asia-Pacific index outside Japan rose 0.3%, leaving it 5.5% higher for the month.
European equities, however, continue to lag in the AI-driven surge. Futures for the EUROSTOXX 50, FTSE, and DAX rose only modestly between 0.1% and 0.2%. U.S. futures were little changed after the S&P 500 and Nasdaq both closed at fresh highs.
The global rally is being underpinned by expectations of more U.S. Federal Reserve rate cuts following last week’s move. Futures markets are pricing in around a 90% chance of a quarter-point cut in October and a 75% probability of another in December. Still, the Fed’s tone remains mixed. Newly appointed governor Stephen Miran, backed by President Donald Trump, argued for much deeper cuts, while other officials stressed caution over inflation. All eyes are now on Fed Chair Jerome Powell, who is set to speak later today.
Meanwhile, U.S. Treasuries are supported by the prospect of lower rates, but a flood of new issuance looms this week with nearly US$183 billion in two-, five- and seven-year notes set for auction. The approaching Sept 30 government funding deadline also casts a shadow over markets.
In currency trading, the dollar eased after three straight sessions of gains. The euro steadied at US$1.1809, the yen firmed to 147.68, and Sweden’s crown held at 9.3497 per dollar ahead of a central bank decision.
Oil prices slipped as oversupply concerns outweighed geopolitical risks in Russia and the Middle East. Brent crude eased 0.2% to US$66.46 a barrel, while U.S. crude dipped 0.1% to US$62.21.
Bottom line: Markets are caught in a powerful twin surge — a tech mania fueled by AI investments and a gold rush driven by dovish Fed expectations. For now, momentum is on the side of risk assets, but policy signals and fiscal risks could test that confidence in the weeks ahead.
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