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
Megacap tech stocks powered Wall Street higher Wednesday, with Alphabet (+9.1%) and Apple (+3.8%) driving the Nasdaq to a 1% gain. The S&P 500 rose 0.5%, while the Dow ended flat as energy shares slumped. Bond yields eased after briefly spiking above 5%, giving equities a lift.
Market Snapshot (Sept 3 Close)
Nasdaq Composite (.IXIC): +1.02%
S&P 500 (.SPX): +0.51%
Dow Jones (.DJI): –0.1%
Alphabet (GOOG): +9.01% | Apple (AAPL): +3.81% | Dell: higher
Energy Sector: –2.3%, worst performer in S&P 500
WTI Crude: –2.5% to US$63.97/bbl
Gold Futures: Record close at US$3,593.20/oz
30Y Treasury Yield: Pulled back after topping 5% intraday
Key Drivers
Tech Boost:
Alphabet avoided major antitrust penalties, keeping Chrome and Apple partnership.
Apple gained on AI search plans.
Bond Relief: Yields retreated after U.S. data showed higher layoffs and Fed officials flagged “downside risks” to jobs.
Energy Drag: Oil stocks fell on reports OPEC+ may raise output after Sunday’s meeting.
Gold Strength: Safe-haven demand continued amid lingering growth concerns.
Rotation & Valuation Concerns
Defensive Sectors: Staples and healthcare lagged after leading earlier in the week.
Valuation Risks: Analysts warn megacap tech valuations (Nvidia, Microsoft, Palantir) may limit further upside.
Broadening Needed: Small-caps (Russell 2000) surged 7% in August, outperforming major indices as investors seek value outside megacaps.
Upcoming Catalysts
US Jobs Report (Friday): Key to Fed’s September cut decision.
Inflation Data: Two readings due later this month.
Fed Meeting (Sept 16–17): Market pricing in a long-awaited 25bps cut.
Investor Watch
Equities:
Near-term upside led by megacap tech, but sustainability depends on rally broadening to small/mid caps.
Energy under pressure on OPEC+ supply outlook.
Rates/Bonds: Treasury rally supportive for risk assets; watch payrolls for rate cut confirmation.
Commodities: Gold at record highs; crude faces headwinds if OPEC+ output expands.
Risks: High valuations in tech, economic data surprises, and Fed policy missteps could spark volatility.
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