The Malaysian market experienced a downturn on Friday, November 10, 2023, as the FBM KLCI index closed lower at 1,445.18 points, marking a decline of 0.48%. The dip was influenced by fears of a global market downturn catalyzed by Federal Reserve Chair Jerome Powell's skepticism about the effectiveness of U.S. interest rates against inflation.
The FBM KLCI started the day lower at 1,450.56 after closing robustly at 1,452.27 on Thursday. Throughout the day, it fluctuated between an index range of 1,425.01 and 1,451.22 before settling down at its closing figure. The market saw more decliners than gainers, with 437 counters remaining unchanged, 1,021 securities untraded and 20 others suspended. The market turnover also showed a significant decrease to RM1.61 billion from 3.19 billion units.
This comes after Bursa Malaysia responded to Wall Street's sluggishness on Thursday morning, triggered by Powell's inflation-focused comments, leading to a minor 0.11% dip in FBM KLCI to 1,450.72 amidst a dominance of decliners. Thong Pak Leng noted a three-day market slump but anticipated imminent bargain hunting despite mixed regional performance.
Global markets also suffered losses with the 10-year yield rising to 4.63%. Weak price data ignited domestic demand concerns affecting the Hang Seng Index and other Malaysian indices.
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