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Bursa Malaysia Midday Dip Amid Caution Ahead of U.S. Jobs Data
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Bursa Malaysia’s $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ slipped by 2.71 points to 1,612.93 during the morning session, reflecting a cautious mood ahead of the U.S. non-farm payrolls report. The index traded within a narrow six-point range of 1,611.25 to 1,617.57 as investors focused on profit-taking in key counters. Regional sentiment was mixed, with political tensions in South Korea and inflation concerns influencing markets.
Sectoral Performance and Key Movements
Broad-based selling was observed across multiple sectors. Notable decliners included $NESTLE (4707.MY)$, which dropped RM1 to RM96.62, $LPI (8621.MY)$ falling 34 sen to RM12.64, and $F&N (3689.MY)$ declining 30 sen to RM27.86. Despite the overall softer market, glove stocks gained traction, with $SUPERMX (7106.MY)$ advancing 7.5 sen to RM1.06 and $TOPGLOV (7113.MY)$ rising 2 sen to RM1.27, boosted by potential inclusion in U.S. healthcare payment adjustments.
Broad-based selling was observed across multiple sectors. Notable decliners included $NESTLE (4707.MY)$, which dropped RM1 to RM96.62, $LPI (8621.MY)$ falling 34 sen to RM12.64, and $F&N (3689.MY)$ declining 30 sen to RM27.86. Despite the overall softer market, glove stocks gained traction, with $SUPERMX (7106.MY)$ advancing 7.5 sen to RM1.06 and $TOPGLOV (7113.MY)$ rising 2 sen to RM1.27, boosted by potential inclusion in U.S. healthcare payment adjustments.
FTSE Bursa Malaysia KLCI Rebalancing
The latest $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ review resulted in significant changes to its constituents. $GENTING (3182.MY)$ and $GENM (4715.MY)$ were removed, replaced by $99SMART (5326.MY)$ and $GAMUDA (5398.MY)$. These changes reflect the evolving dynamics of the Malaysian equity market and will take effect on December 23, 2024. The reserve list now includes $AMBANK (1015.MY)$, $AIRPORT (5014.MY)$, and $UTDPLT (2089.MY)$, among others.
Regional and Global Influences
Regional markets displayed mixed trends. Japan’s $Nikkei 225 (.N225.JP)$ shed 1.11%, while China’s $SSE Composite Index (000001.SH)$ climbed 1.23%, driven by strong industrial data. In the U.S., the Federal Reserve’s upcoming decision on potential rate cuts kept investors cautious. Asian markets were also influenced by geopolitical uncertainty in South Korea, adding to volatility.
The latest $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ review resulted in significant changes to its constituents. $GENTING (3182.MY)$ and $GENM (4715.MY)$ were removed, replaced by $99SMART (5326.MY)$ and $GAMUDA (5398.MY)$. These changes reflect the evolving dynamics of the Malaysian equity market and will take effect on December 23, 2024. The reserve list now includes $AMBANK (1015.MY)$, $AIRPORT (5014.MY)$, and $UTDPLT (2089.MY)$, among others.
Regional and Global Influences
Regional markets displayed mixed trends. Japan’s $Nikkei 225 (.N225.JP)$ shed 1.11%, while China’s $SSE Composite Index (000001.SH)$ climbed 1.23%, driven by strong industrial data. In the U.S., the Federal Reserve’s upcoming decision on potential rate cuts kept investors cautious. Asian markets were also influenced by geopolitical uncertainty in South Korea, adding to volatility.
Outlook and Investor Sentiment
Bursa Malaysia is expected to consolidate further as investors await clearer economic cues from the U.S. jobs data. While profit-taking activity may continue, interest in sectors such as $Bursa Technology (0005I.MY)$, $Bursa Utilities (0065I.MY)$, and $Bursa Plantation (0025I.MY)$ is anticipated to provide some stability. Key resistance levels for $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ are projected at 1,620, with support at 1,610.
Bursa Malaysia is expected to consolidate further as investors await clearer economic cues from the U.S. jobs data. While profit-taking activity may continue, interest in sectors such as $Bursa Technology (0005I.MY)$, $Bursa Utilities (0065I.MY)$, and $Bursa Plantation (0025I.MY)$ is anticipated to provide some stability. Key resistance levels for $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ are projected at 1,620, with support at 1,610.
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