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A Cautious Morning as Bursa Malaysia Reflects Wall Street’s Woes
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In an intriguing start to the trading day, Bursa Malaysia opened on a positive note but quickly succumbed to the pressures of Wall Street’s slump. At 9:08 am, the $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ had dipped by 0.60 points, or 0.03%, to 1,535.88 from Monday’s close of 1,536.48. The index had opened with optimism, climbing 5.66 points higher to 1,542.14 before reversing course.
Broad Market Movements
On the broader market, gainers outpaced decliners 439 to 314, with 315 counters unchanged, 1,337 untraded, and seven suspended. Turnover was substantial, with 516.03 million units valued at RM378.70 million, reflecting heightened investor activity.
The selling pressure intensified as traders adopted a “sell first, think later” mentality amid growing recession fears in the United States. The $Dow Jones Industrial Average (.DJI.US)$ had plunged by 1,034 points, while the $Nasdaq Composite Index (.IXIC.US)$ dropped by 576 points, painting a grim picture of the US market. The US 10-year yield fell to a 52-week low of 3.778%, adding to the concerns.
Heavyweight Stocks Under Pressure
Back home, heavyweight stocks showed mixed results:
• $MAYBANK (1155.MY)$: Eased by 5 sen to RM9.85.
• $PBBANK (1295.MY)$: Lost 3 sen to RM4.10.
• $CIMB (1023.MY)$: Decreased by 13 sen to RM6.88.
• $IHH (5225.MY)$: Shed 4 sen to RM6.03.
• $TENAGA (5347.MY)$: Remained unchanged at RM13.16.
Actively Traded Stocks
On the broader market, gainers outpaced decliners 439 to 314, with 315 counters unchanged, 1,337 untraded, and seven suspended. Turnover was substantial, with 516.03 million units valued at RM378.70 million, reflecting heightened investor activity.
The selling pressure intensified as traders adopted a “sell first, think later” mentality amid growing recession fears in the United States. The $Dow Jones Industrial Average (.DJI.US)$ had plunged by 1,034 points, while the $Nasdaq Composite Index (.IXIC.US)$ dropped by 576 points, painting a grim picture of the US market. The US 10-year yield fell to a 52-week low of 3.778%, adding to the concerns.
Heavyweight Stocks Under Pressure
Back home, heavyweight stocks showed mixed results:
• $MAYBANK (1155.MY)$: Eased by 5 sen to RM9.85.
• $PBBANK (1295.MY)$: Lost 3 sen to RM4.10.
• $CIMB (1023.MY)$: Decreased by 13 sen to RM6.88.
• $IHH (5225.MY)$: Shed 4 sen to RM6.03.
• $TENAGA (5347.MY)$: Remained unchanged at RM13.16.
Actively Traded Stocks
Among the actives, $TALAMT (2259.MY)$ dipped half-a-sen to 2 sen, while $MYEG (0138.MY)$ rebounded by 4 sen to 86.5 sen. $TWL (7079.MY)$, $BJCORP (3395.MY)$, and $VELESTO (5243.MY)$ each gained half-a-sen to 3 sen, 36.5 sen, and 20 sen, respectively.
Index Performance
The index board painted a varied picture:
• $FTSE Bursa Malaysia EMAS Index (.FBMEMAS.MY)$: Added 29.52 points to 11,635.43.
• $FTSE Bursa Malaysia Top 100 Index (.FBM100.MY)$: Rose by 26.26 points to 11,298.62.
• $FTSE Bursa Malaysia Mid 70 Index (.FBM70.MY)$: Fell by 152.44 points to 16,729.34.
• $FTSE Bursa Malaysia ACE Index (.FBMMES.MY)$: Climbed by 66.01 points to 5,021.09.
• $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.MY)$: Appreciated by 78.39 points to 11,747.27.
Sectoral Performance
Sector-wise, the movements were diverse:
• $Bursa Finance Services (0010I.MY)$: Dropped by 139.85 points to 17,406.90.
• $Bursa Energy (0061I.MY)$: Gained 3.84 points to 856.55.
• $Bursa Plantation (0025I.MY)$: Improved by 50.60 points to 6,939.24.
• $Bursa Technology (0005I.MY)$: Inched up by 0.97 points to 65.78.
• $Bursa Industrial Products & Services (0002I.MY)$: Tickled up by 1.13 points to 172.26.
The Bigger Picture
Index Performance
The index board painted a varied picture:
• $FTSE Bursa Malaysia EMAS Index (.FBMEMAS.MY)$: Added 29.52 points to 11,635.43.
• $FTSE Bursa Malaysia Top 100 Index (.FBM100.MY)$: Rose by 26.26 points to 11,298.62.
• $FTSE Bursa Malaysia Mid 70 Index (.FBM70.MY)$: Fell by 152.44 points to 16,729.34.
• $FTSE Bursa Malaysia ACE Index (.FBMMES.MY)$: Climbed by 66.01 points to 5,021.09.
• $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.MY)$: Appreciated by 78.39 points to 11,747.27.
Sectoral Performance
Sector-wise, the movements were diverse:
• $Bursa Finance Services (0010I.MY)$: Dropped by 139.85 points to 17,406.90.
• $Bursa Energy (0061I.MY)$: Gained 3.84 points to 856.55.
• $Bursa Plantation (0025I.MY)$: Improved by 50.60 points to 6,939.24.
• $Bursa Technology (0005I.MY)$: Inched up by 0.97 points to 65.78.
• $Bursa Industrial Products & Services (0002I.MY)$: Tickled up by 1.13 points to 172.26.
The Bigger Picture
The downturn in the US market had a cascading effect on global markets. Despite the initial optimism at the opening bell, the market sentiment quickly turned cautious. The disappointing July jobs report from the US, with the unemployment rate climbing to 4.3% and nonfarm payrolls growth falling short of expectations, added to the uncertainty.
Interestingly, while Japan’s stock market experienced its worst drop since 1987, it managed to regain some momentum, with the $Nikkei 225 (.N225.JP)$ improving by 3,336.78 points, or 10.61%, to 34,795.20 at the time of writing. South Korea’s $Korea Composite Index (.KOSPI.KR)$ and Singapore’s $FTSE Singapore Straits Time Index (.STI.SG)$ also saw gains, contrasting with the decline in Indonesia’s $VanEck Indonesia Index ETF (IDX.US)$.
Interestingly, while Japan’s stock market experienced its worst drop since 1987, it managed to regain some momentum, with the $Nikkei 225 (.N225.JP)$ improving by 3,336.78 points, or 10.61%, to 34,795.20 at the time of writing. South Korea’s $Korea Composite Index (.KOSPI.KR)$ and Singapore’s $FTSE Singapore Straits Time Index (.STI.SG)$ also saw gains, contrasting with the decline in Indonesia’s $VanEck Indonesia Index ETF (IDX.US)$.
Looking Ahead
Despite the current challenges, opportunities for value accumulation are emerging. The market’s price-to-earnings ratio has dipped, presenting an excellent opportunity for investors to buy undervalued stocks. The day’s selling is expected to be less dramatic, with Wall Street futures indicating a potential rebound. Investors should brace for a volatile yet potentially rewarding trading environment as the index is predicted to hover within the 1,500-1,550 range.
Despite the current challenges, opportunities for value accumulation are emerging. The market’s price-to-earnings ratio has dipped, presenting an excellent opportunity for investors to buy undervalued stocks. The day’s selling is expected to be less dramatic, with Wall Street futures indicating a potential rebound. Investors should brace for a volatile yet potentially rewarding trading environment as the index is predicted to hover within the 1,500-1,550 range.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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