Bursa Malaysia continued its upward trajectory for the fourth consecutive day, driven by investments in technology and construction stocks. The market anticipates the release of the US jobs report later today, which may influence investor sentiment.
Bursa Malaysia concluded its trading session on a positive note for the fourth consecutive day on Friday, fueled primarily by investments in technology and construction stocks. This upward trend was anticipated ahead of the release of the US jobs report scheduled for later today. \Analysts attribute this sustained growth to investors actively seeking out blue-chip stocks following a recent period of selling.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng pointed out that the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed in positive territory as investors capitalized on the opportunity to acquire undervalued stocks. The index gained 0.36 percent, or 5.74 points, closing at 1,590.91 compared to Thursday's close of 1,585.17. \Thong noted that the key regional markets displayed mixed performances, mirroring the mixed signals received from Wall Street overnight. However, China and Hong Kong led the gains in the region, driven by renewed investor interest in technology companies following the launch of DeepSeek's artificial intelligence (AI) model. Regarding the local bourse, Thong believes the FBM KLCI is testing its 1,590 resistance level. If the benchmark index successfully sustains itself above this level for a prolonged period, it could signal a strong foundation for further market growth. Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan expects investor attention to shift towards the release of the US January Non-Farm Payrolls report, which is anticipated to reveal an employment growth of 170,000, an upward revision from earlier projections. The unemployment rate is projected to remain stable at 4.1 percent, while average hourly earnings are expected to increase by 0.3 percent on a monthly basis. However, Mohd Sedek cautioned that the labor market data might be temporarily skewed by recent disruptions, including the Los Angeles wildfires and the unusual snowstorm that impacted several southern states last month. He highlighted that similar events during last summer's hurricanes can influence reported job creation due to disruptions in data collection processes
Bursa Malaysia Stock Market Technology Construction US Jobs Report FBM KLCI Economic Outlook
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