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 Takeaways:
US equities opened marginally higher, with investors cautious ahead of key employment benchmark revisions.
Dow Jones +0.07% at 45,547.62; S&P 500 +0.13% at 6,503.33; Nasdaq +0.27% at 21,858.17.
Markets remain near record highs but sentiment is restrained as labor market data could reshape Fed policy expectations.
Market Snapshot
Wall Street started Tuesday’s session on a positive note, extending gains after indices closed near record peaks on Monday.
Dow Jones Industrial Average: +32.7 points (+0.07%) to 45,547.62
S&P 500: +8.2 points (+0.13%) to 6,503.33
Nasdaq Composite: +59.5 points (+0.27%) to 21,858.17
The modest uptick reflects continued optimism over potential Fed rate cuts but also caution ahead of revised payroll figures from the Bureau of Labor Statistics, due later today.
Investor Focus: Labor Data Revision
The market is bracing for the Labor Department’s annual benchmark payroll revision, which may show significantly lower employment growth in the year through March. Economists anticipate a downward adjustment, reinforcing concerns about slowing labor momentum.
Given recent weak August jobs data and signs of cooling growth, today’s revision could strengthen the case for the Fed to cut rates at next week’s meeting.
Bottom Line: US stocks remain near record levels, but the labor market revision will be pivotal for confirming whether the Fed leans toward a larger-than-expected rate cut. Short-term volatility is possible as investors recalibrate expectations.
Comments
Post a Comment