Malaysia market commentary (6 Dec 2024)

US indices took a halt from consecutive all-time high pending more data such as earnings and job market. All 3 indices were in small red, DJ (-0.55%), S&P500 (-0.19%) and Nasdaq (-0.16%).

NFP (nonfarm payrolls) with market consensus of 220k, will be released tonight 9:30pm. If the data is stronger than expected, then strength in job market will provide more room for Powell to cut interest rates later rather than sooner.

Pending more cues, US 10 years govvy yield remained unchanged at 4.18% whereby market still maintained expectation (74% probability) for one cut in December.

Local currency further strengthened, USDMYR edged lower at 4.4275 (-200 pips). 10 years govvy yield maintained at 3.85%.

KLCI advanced slightly to 1,615 (+1.55) with lower traded volume of MYR 2.74 billion. Offshore continued selling, daily equity flow amounted to MYR -122 million, further pushing YTD flow to MYR -1.96 billion.

Healthcare (+1.54%) was the top leader yesterday, propelled by SUPERMX (+11.30%), TOPGLOV (+2.46%), followed by telecommunication (+1.38%). Property (-0.46%), construction (-0.43%) were in small red.

CRPMATE closed higher at 0.210 (+0.010) on its IPO debut with 216.7 million shares changed hands.

FTSE released semi-annual review whereby 99SMART and GAMUDA will replace GENTING and GENTM respectively as index constituents of KLCI, effective on 23 December 2024.