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...
Global Markets
US equities extended their losing streak on Thursday, with the Dow Jones Industrial Average falling 0.38%, S&P 500 down 0.50%, and Nasdaq off 0.50%. Stronger economic data, including resilient jobless claims and firm Q2 GDP, dampened expectations for deeper Federal Reserve rate cuts. Treasury yields climbed, with the 10-year note rising to 4.17%, as investors looked to Friday’s PCE inflation data for further policy signals.
Market sentiment was also clouded by the looming risk of a government shutdown, as federal agencies were directed to prepare contingency plans. Political gridlock in Washington added to volatility, reinforcing caution in risk assets.
On the corporate front, Intel shares jumped 9% after CEO Lip-Bu Tan pushed ahead with efforts to secure fresh funding and partnerships. The company is in talks with Apple and TSMC, while also receiving backing from SoftBank and Nvidia to strengthen its turnaround strategy.
Malaysia Markets
The FBM KLCI closed at 1,598.47, down 1.19 points, as regional caution over Fed policy weighed on sentiment. Sectoral performance was mixed: Technology, Transportation, and Financials lagged, while Energy, Construction, Small Cap, Plantation, and Healthcare cushioned losses.
In the currency market, the ringgit weakened to 4.2155 against the US dollar (+75 pips) as a stronger greenback prevailed ahead of US data releases. The MGS 10-year yield held steady at 3.48%.
Trade in Focus: KSL Holdings
KSL Holdings surged to RM3.46 from RM2.00 on strong buying momentum and volume. Backed by RM491 million 1H FY2025 sales, a RM3.7 billion pipeline, and recurring income from KSL City Mall, the Johor-based developer continues to show solid growth prospects.
Futures Market
Gold: Futures edged higher for the fourth time in five sessions, supported by strong ETF flows and physical demand. Citi Research noted ETFs remain the standout driver of gold’s rally, pushing futures toward record highs.
Crude Oil: Prices ended mixed. Early losses were pared on concerns over Russian supply disruptions and prospects of tighter European sanctions, raising the risk of bullish momentum.
Cryptocurrency: Bitcoin slipped 3.7% to $110,020 as traders turned cautious ahead of key US data. Heavy liquidations and thin liquidity added to volatility, while stronger GDP and jobless claims reinforced Fed caution.
Comments
Post a Comment