As of November 1, 2024, Bursa Malaysia's FBM KLCI has experienced a significant decline, closing at 1,592.56, down 9.32 points from the previous day. This drop marks a fall below the psychological support level of 1,600, raising concerns among investors. The index opened at 1,591.06, with 295 decliners compared to only 85 gainers, indicating a broad-based sell-off. The turnover for the day was substantial, with 1.46 billion shares traded, valued at RM1.29 billion.
The market sentiment has been influenced by various factors, including rising spending in artificial intelligence and mixed economic data from the United States, which reported a 2.8% growth in the third quarter. Heavyweight stocks such as CIMB, Hong Leong Bank, Maybank, and RHB saw declines, contributing to the overall downward trend. Additionally, crude palm oil prices have surged to RM4,700 per tonne, while the Energy Index managed to gain 3.36 points amidst the volatility.
Analysts suggest that if the index continues to dip, it may attract bargain hunters looking for opportunities in undervalued stocks. This situation follows a period of cautious trading in the lead-up to Malaysia's Budget 2025, which had previously buoyed market expectations. Investors are now weighing the implications of both domestic and global economic conditions as they navigate this challenging market landscape. [46def72d][89434f7c][000ff3a8][bd3b29f3][64caf89a][1eae3f63][f17f6d97][68469bfe][5f22de3f][ab4a2de0][38fb9969][a8ec5896]