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The Week Ahead (18/11/2024)
Following the dip in the majority of Asian markets, Malaysia’s KLCI closed at 1592.44, down 0.5%. Nasdaq futures fell 0.8%, or 176.50 points, while U.S. stock futures also saw significant declines. The FBM KLCI closed at 1,592.44 at 5 p.m., down 8.24 points from yesterday’s closing of 1,600.68.
Read More: Bursa CFD Weekly
Global Economy
Hong Kong shares overcame early gains to end Friday slightly lower as market skepticism about China’s ability to achieve a prolonged economic rebound persisted, while Chinese markets saw their largest weekly loss since July.
On Friday, November 15, the Nikkei 225 ended the day with modest gains of 0.56% to 38,749.97 points, indicating a bullish day. The Nikkei 225 saw a low volume of 38,729.84 points and a high of 39,101.64 points.
Disappointing profits, worries over how U.S. President-elect Donald Trump’s policies might affect businesses and economies throughout the world, and an increase in Treasury yields all contributed to Friday’s decline in European stocks.
As investors feared a slowdown in the pace of U.S. Federal Reserve interest rate decreases and dwindling Chinese demand, oil prices fell more than 2% on Friday.
Friday saw a lower closing for Wall Street’s major indexes as investors responded to U.S. President-elect Donald Trump’s cabinet choices and Federal Reserve Chair Jerome Powell hinted at a slower rate of interest rate decreases.
Friday’s sell-off concluded a week in which concerns about the rate-cut trajectory and possible inflation risks under the next administration replaced the market’s attention on Trump’s victory in the U.S. election, which was viewed as a pro-business decision.
Preliminary data shows that the Nasdaq Composite down 429.11 points, or 2.25%, to 18,678.54, while the S&P 500 fell 78.65 points, or 1.32%, to finish at 5,870.52 points. At 43,444.56, the Dow Jones Industrial Average dropped 306.30 points, or 0.70%.
Companies in Focus
Kossan Rubber declares 8 sen dividend despite 3Q profit drop to RM29.44 mil
Press Metal soars after China removes tax rebate for aluminium exports
MR DIY shares fall to three-month low as quarterly results miss expectations
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