Bursa Malaysia Starts Second Half of 2024 Positively
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Market Overview
On the first trading day of the second half of 2024, Bursa Malaysia closed on a positive note, mirroring the performance of regional markets. The FBM KLCI increased by 8.11 points (0.51%) to 1,598.20, driven by gains in financial services.
On the first trading day of the second half of 2024, Bursa Malaysia closed on a positive note, mirroring the performance of regional markets. The FBM KLCI increased by 8.11 points (0.51%) to 1,598.20, driven by gains in financial services.
Key Drivers
• Regional Influence: Positive manufacturing data from regional markets and strong domestic business sentiment, particularly from Japan.
• US Inflation Data: Modest improvements in the US Personal Consumption Expenditures Price Index, hinting at potential Federal Reserve rate cuts, bolstered market sentiment.
• Financial Sector Performance: Notable buying activity in financial services stocks, with Maybank, Public Bank, and CIMB seeing gains.
• US Inflation Data: Modest improvements in the US Personal Consumption Expenditures Price Index, hinting at potential Federal Reserve rate cuts, bolstered market sentiment.
• Financial Sector Performance: Notable buying activity in financial services stocks, with Maybank, Public Bank, and CIMB seeing gains.
Sectoral Performance
• Financial Services Index rose by 41.78 points.
• Energy, Industrial Products and Services, and Plantation sectors also showed gains.
• Energy, Industrial Products and Services, and Plantation sectors also showed gains.
Trading Volume
• Main Market volume: 2.40 billion units valued at RM2.39 billion.
• ACE Market saw increased activity with 933.27 million shares traded.
• ACE Market saw increased activity with 933.27 million shares traded.
Outlook
Experts remain optimistic about the Malaysian market, anticipating the FBM KLCI to range between 1,590-1,610 in the near term, provided no unforeseen circumstances arise. Improving macroeconomic data supports a bullish outlook.
Experts remain optimistic about the Malaysian market, anticipating the FBM KLCI to range between 1,590-1,610 in the near term, provided no unforeseen circumstances arise. Improving macroeconomic data supports a bullish outlook.
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