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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.

024’s Market Winners: Bitcoin, Tech Stocks, and Gold Dominate Amid Global Shifts

The year 2024 was marked by  transformative shifts in global financial markets , with standout performances from  Bitcoin ,  U.S. equities , and  gold , while other assets, like crude oil, faced challenges. Key Market Highlights 1. Bitcoin’s 136% Surge: A Digital Gold Rush Performance : Bitcoin soared  136.88% , becoming the  top-performing asset of 2024 . Drivers : Institutional Investment : Increased adoption for its  inflation-hedging properties . Bitcoin ETFs : Approval in the U.S. improved liquidity and accessibility. Technological Advancements : Lightning Network upgrades attracted long-term investors. Trump’s Re-Election : Analysts expect  lenient crypto policies , including potential tax reductions and compatibility initiatives with the U.S. dollar. Outlook : Analysts warn of potential  regulatory scrutiny in 2025 , but Bitcoin’s appeal may strengthen if inflationary pressures persist globally. 2. U.S. Equities Soar on Tech Leadership...

China’s Stocks Decline Amid Broader Asian Rally

  Chinese stocks underperformed in the region on Wednesday as investors paused their rally , disappointed by Beijing's reluctance to commit to more economic stimulus. Meanwhile, shares elsewhere in Asia gained. The CSI300 index dropped as much as 5% , nearly erasing the gains made earlier this week, while Hong Kong stocks rebounded by 1.7% after a historic drop on Tuesday. Australia and Japan saw stock markets climb, supported by a tech rally in the US and bets on Federal Reserve rate cuts stabilizing markets. New Zealand's central bank delivered its second rate cut in a row, trimming 50 basis points , while concerns mounted that China's latest stimulus measures might not be enough to sustain a lasting market rally. A report quoting Premier Li Qiang hinted at the need for more policies to stabilize growth, signaling Beijing's efforts to reassure investors. Timothy Moe, Goldman Sachs' chief Asia Pacific equity strategist, noted that Tuesday's sharp decl...

Wall Street Sees Tech Rally Amid Banking Sector Weakness

  A surge in technology stocks, led by giants like Tesla Inc. and Oracle Corp., helped lift the broader market on Tuesday, countering a decline in financial shares triggered by cautious outlooks from major U.S. banks. The tech rally helped the S&P 500 and Nasdaq 100 climb by 0.45% and 0.9%, respectively, while the Dow Jones Industrial Average fell 0.2%. Key Takeaways: Mixed Performance Across Sectors : Despite gains in tech, the banking sector weighed on the broader market. JPMorgan Chase & Co. fell over 5% after lowering its earnings expectations, and Bank of America Corp (BofA) reported weaker-than-expected investment banking results. Goldman Sachs signaled a potential 10% decline in its trading unit compared to last year, and Ally Financial warned of worsening credit conditions among borrowers. Investor Sentiment Ahead of Key Economic and Political Events : Investors are closely watching the U.S. inflation report (CPI) and the ongoing political landscape, with the first ...