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Bursa Malaysia Ends Week Lower Amid Profit-Taking
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Bursa Malaysia ended the week on a softer note, with the $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ slipping 4.06 points to 1,619.06 due to profit-taking in $Bursa Technology (0005I.MY)$ and $Bursa Utilities (0065I.MY)$ sectors. Despite the decline, the index is still higher compared to last Friday’s close.
Major Financial Announcements
• US Interest Rate Cut Bets: Renewed expectations of a US Federal Reserve rate cut in September following a decline in US inflation boosted confidence in global markets.
• China’s Trade Surplus: China’s trade surplus soared as exports exceeded expectations, while imports weakened, impacting investor sentiment.
• US Interest Rate Cut Bets: Renewed expectations of a US Federal Reserve rate cut in September following a decline in US inflation boosted confidence in global markets.
• China’s Trade Surplus: China’s trade surplus soared as exports exceeded expectations, while imports weakened, impacting investor sentiment.
Market Sentiment
The overall market sentiment remained cautious with investors taking profits after recent rallies. Key regional indices showed mixed results, reflecting a balance between optimism for US rate cuts and concerns over mega-cap tech sector earnings in the US.
Sector Highlights
• Declines: $Bursa Utilities (0065I.MY)$, $Bursa Finance Services (0010I.MY)$, and $Bursa Telecommunications & Media (0063I.MY)$ sectors saw the most declines.
• Gainers: Active counters included $NOVAMSC (0026.MY)$ and $BJCORP (3395.MY)$, which saw minor gains.
• Gainers: Active counters included $NOVAMSC (0026.MY)$ and $BJCORP (3395.MY)$, which saw minor gains.
Financial Insights
• Local Heavyweights: Stocks like $MAYBANK (1155.MY)$, $TENAGA (5347.MY)$, and $PBBANK (1295.MY)$ saw slight declines, reflecting the broader market trend.
• Market Turnover: Turnover decreased to 4.58 billion units worth RM3.72 billion from the previous day’s 5.39 billion units worth RM4.41 billion.
Forecast and Outlook
While profit-taking is likely to continue in the short term, the market is expected to stabilize, providing a stronger base for a sustainable uptrend. Investors should monitor global economic indicators and corporate earnings reports for cues on future market movements.
• Market Turnover: Turnover decreased to 4.58 billion units worth RM3.72 billion from the previous day’s 5.39 billion units worth RM4.41 billion.
Forecast and Outlook
While profit-taking is likely to continue in the short term, the market is expected to stabilize, providing a stronger base for a sustainable uptrend. Investors should monitor global economic indicators and corporate earnings reports for cues on future market movements.
$GESHEN (7197.MY)$ $PETGAS (6033.MY)$ $EG (8907.MY)$ $CARLSBG (2836.MY)$ $SUNCON (5263.MY)$ $CHINHIN (5273.MY)$ $SMRT (0117.MY)$ $SEAL (4286.MY)$ $KEYFIELD (5321.MY)$ $PIE (7095.MY)$ $KIMLUN (5171.MY)$ $THETA (9075.MY)$ $YLI (7014.MY)$ $PPB (4065.MY)$ $CRESNDO (6718.MY)$ $SYGROUP (5173.MY)$ $BIPORT (5032.MY)$ $TEOSENG (7252.MY)$ $SHL (6017.MY)$ $BAT (4162.MY)$
$NOVAMSC (0026.MY)$ $VELESTO (5243.MY)$ $EKOVEST (8877.MY)$ $BJCORP (3395.MY)$ $AZRB (7078.MY)$ $G3 (7184.MY)$ $ARMADA (5210.MY)$ $ASTRO (6399.MY)$ $TANCO (2429.MY)$ $MYEG (0138.MY)$ $SIMEPROP (5288.MY)$ $HUBLINE (7013.MY)$ $SMTRACK (0169.MY)$ $TECHNAX (2739.MY)$ $WCT (9679.MY)$ $AIMFLEX (0209.MY)$ $DATAPRP (8338.MY)$ $PBBANK (1295.MY)$ $UUE (0310.MY)$ $ATAIMS (8176.MY)$ $TALAMT (2259.MY)$ $YTLPOWR (6742.MY)$
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