Malaysia Morning Wrap | Malaysia Homeownership Exceeds Western Nations as Market Stays Strong
Key Takeaways:
• US Stocks Extend Losses for Third Day as Big Tech Sell-Off Continues
• KLCI Falls for Second Day as Risk Aversion Grips Market
• Malaysia Property Market to Exceed RM250 Billion as Homeownership Rate Hits 76.5%
• Stocks to watch: Berjaya Food Bhd, Keyfield International Bhd, etc.
🇺🇸 Wall Street Summary
$Dow Jones Industrial Average (.DJI.US)$ 48,908.72 (-1.2%)
$Nasdaq Composite Index (.IXIC.US)$ 23,540.59 (-1.6%)
US stocks extended their losing streak on Thursday, with the $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ dropping for a third consecutive session amid continued sell-offs in Big Tech names including Microsoft, Palantir, CoreWeave and Oracle. The Dow also declined, while gold, silver and cryptocurrencies joined the retreat.
US labor market showed signs of weakness as jobless claims rose to 231,000, exceeding expectations of 212,000. The JOLTS report revealed job openings dropped to 6.54 million, a near four-year low, while employers announced 108,435 layoffs in January – the highest for the month in 16 years.
$Silver Futures (MAY6) (SImain.US)$ plunged as much as 15.3% to a session low of $74.305 per ounce on New York's Comex Thursday, while $Gold Futures (JUN6) (GCmain.US)$ dropped 2.9% to $4,805.00 per ounce at their lowest point.
🇲🇾 Bursa Market Insight
$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ 1731.020 (-0.68%)
Malaysia's stock exchange ended sharply lower as risk-averse sentiment gripped the market, with more than 900 counters in negative territory and the $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ falling for a second consecutive session.
Malaysia's property market is maintaining steady growth, with total transaction value projected to surpass RM250 billion this year, according to Housing and Local Government Minister Nga Kor Ming. The Department of Statistics Malaysia reports that the country's homeownership rate has reached 76.5%, outpacing developed countries like Australia, the UK, the US and Germany.
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🔔 Stocks to Watch
$BJFOOD (5196.MY)$ slashed its 2QFY2026 net loss to RM11.98 million from RM35.33 million a year earlier, aided by cost-cutting measures, store optimisation and lower depreciation charges after previous year impairments.
$KEYFIELD (5321.MY)$ will build a new anchor-handling tug supply vessel under a RM70.7 million contract with China's Jiangsu Shunhong Marine Technology Co Ltd, signed on Feb 4 through its unit Keyfield Resolute Sdn Bhd.
$KJTS (0293.MY)$ said its year-old proposed acquisition of Malakoff Corp's cooling unit has collapsed after key conditions were not met by the Feb 3 deadline. Malakoff must refund the RM6.55 million deposit within five business days.
$SUNVIEW (0262.MY)$ is moving to diversify into solar power generation, with plans to acquire two 50-megawatt large-scale solar facilities. The strategic expansion is expected to make power generation account for more than 25% of the group's profit before tax in FY2026.
$TIMWELL (7854.MY)$'s new largest shareholder Wong Wai Foo has launched a mandatory takeover offer at 90 sen per share after buying an additional 7.9% stake. The timber group's shares have jumped 167% in three months, with Wong pledging to keep its listing status.
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Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The Edge
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