As of December 4, 2024, Bursa Malaysia's FBM KLCI has gained significant ground, rising 7.09 points to close at 1,614.05, following a previous close of 1,606.96. This positive movement marks a notable recovery as the index opened slightly higher at 1,606.97. The market's breadth was favorable, with 533 gainers outpacing 239 losers, while 430 stocks remained unchanged and 1,194 were untraded. Kenny Yee, head of research at Rakuten Trade Sdn Bhd, remarked that the FBM KLCI's ability to surpass the 1,600 mark after several attempts could indicate a potential end to foreign selling pressure. He anticipates the index will stabilize between 1,605 and 1,615 in the near term.
This upward trend comes amid mixed signals from Wall Street, where the DJIA closed in negative territory while the Nasdaq and S&P 500 experienced slight gains. The US job market remains robust, with October job openings exceeding expectations, contributing to a rise in the US 10-year yield to 4.226%. Investors are closely monitoring these developments as they prepare for upcoming key economic data releases from the US, which could further influence market dynamics in Malaysia.
However, on December 13, 2024, the Kospi opened lower, falling 1.66 points (0.07%) to 2,480.46 in the first 15 minutes of trading. This decline followed overnight losses on Wall Street due to weak U.S. economic data, including accelerated wholesale prices and higher initial jobless claims. The Nasdaq composite dropped 0.66%, the S&P fell 0.54%, and the Dow Jones edged down 0.53%. In Seoul, major stocks reflected this trend, with SK hynix decreasing by 0.74% and LG Energy Solution by 3.09%, while Samsung Electronics rose 0.72% and Naver gained 0.48%. The local currency traded at 1,432.95 won against the U.S. dollar, up 1.05 won from the previous session.
Previously, on November 26, Bursa Malaysia had shown resilience, closing at 1,599.78, up 2.33 points, following a record close on Wall Street after Scott Bessent's nomination as US Treasury Secretary. Analysts had expressed optimism about a potential return of foreign interest in early 2025, despite earlier challenges that saw the FBM KLCI dip below the psychological support level of 1,600. The fluctuations in crude palm oil prices and the performance of the Energy Index also reflect ongoing market volatility, with investors keenly observing economic reports and budget announcements that could shape the outlook for the coming months. [b88c9ce5][afbd6292][a603b9b6][46def72d][89434f7c][000ff3a8][bd3b29f3][64caf89a][1eae3f63][5f22de3f][38fb9969][a8ec5896][f17f6d97][68469bfe][ab4a2de0][1f58467b]