Funds are shifting on local bourse
The FBM KLCI closed 0.3% lower as investors awaited key U.S. labor data expected later this week. Lower liners also declined, dropping over 1%, with only three sectors closing in the green—Transport, Healthcare, and Financial. The rest of the sectors saw declines, led by Technology (-3.3%), Utilities (-1.5%), and Energy (-1.1%).
Shifting funds
Market sentiment is likely to remain turbulent as investors anticipate the key US non-farm payroll data, which will serve as a crucial indicator of the US economy’s health. Last month’s weaker-than-expected data triggered a significant sell-off in August, intensifying risk aversion. On the local bourse, funds are shifting away from riskier, high-valuation sectors such as Technology and Utilities.
Amid ongoing uncertainty, caution is advised ahead of tonight’s crucial payroll release. However, the Energy and Technology sectors could find some stability today, supported by steady oil prices and a resilient Nasdaq index. Meanwhile, the Financial sector is favored as a safe haven, drawing foreign fund inflows.
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