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The Week Ahead (16/9/2024)
In sync with global markets, KLCI saw a positive close on Tuesday, raising expectations for a substantial reduction in US interest rates.
Read More: Bursa CFD Weekly
Global Economy
The Hang Seng Index added 0.8% to 17,369.09, adding to a 0.8% gain yesterday and narrowing the week’s loss to 0.4%.
The European Central Bank (ECB) slashed rates again by 25 basis points on last Thursday, marking its second reduction to the deposit rate this year, but said it was not “pre-committing” to a future path for rates.
Tuesday’s gains on Wall Street’s primary indexes came as investors awaited a key Federal Reserve policy decision and as new economic data eased concerns about a dramatic slowdown in the US economy.
Tuesday saw crude oil prices continue its upward trend as investors focused on US supply worries following Hurricane Francine and anticipated reductions in US crude inventories.
For the third day in a row, FCPO closed down, primarily as a result of India raising its import taxes on edible oils.
As traders positioned themselves for a possible U.S. interest rate lowering decision by the Federal Reserve this week, gold dipped on Tuesday after reaching an all-time high in the previous session as dollar and Treasury yields firmed.
Companies in Focu
Affin Bank Bhd, the second-smallest of eight local banking groups in the country.
MyEG Services Bhd has teamed up with the Federation of Malaysian Freight Forwarders (FMFF) to promote ZTrade.
Malayan Banking Bhd said on Wednesday that it has invested in Funding Societies.
Genting Malaysia Bhd’s indirect wholly-owned subsidiaries, video lottery facility operator Genting New York LLC (Genny) and its unit Genny Capital Inc, have priced their offering of US$525m aggregate principal amount of 7.25% senior unsecured notes due 2029.
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