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MARKET PULSE PM MAY 29, 2025 [WATCH]
KUALA LUMPUR: News on stock, crypto and ringgit moves.
Bursa Malaysia's 30-stock index ended lower, dragged by profit-taking in heavyweight banking counters amid subdued market sentiment, despite strong gains across North Asian markets and Australia.
The ringgit also weakened against the US dollar, slipping to 4.2370.
In the cryptocurrency market, Bitcoin maintained its upward momentum, reaching RM460,576.
Ethereum and Solana also followed the positive trend, rising to RM11,570 and RM734, respectively.
That wraps up today's Market Pulse.
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Malay Mail
4 hours ago
- Malay Mail
Czech justice minister quits after accepting US$44m in bitcoins from ex-drug dealer, insists he was ‘not aware of any unlawful acts'
PRAGUE, May 31 — Czech Justice Minister Pavel Blazek said yesterday he would step down after coming under fire for accepting almost a billion Czech koruna (RM187 million) in bitcoins from a drug dealer. Blazek's ministry received the money from a man who had served four years in prison for embezzlement, drug trafficking and the illegal possession of a gun until 2021. It received the cryptocurrency this year and sold it for Czech korunas in auctions, Blazek said. The origin of the money is unknown but Blazek said courts never proved it came from any criminal activity. 'I am not aware of any unlawful acts. But I don't want to tarnish the reputation of the governing coalition,' he said on X yesterday. Police are investigating the donation over a suspected abuse of power and money laundering. Blazek, 56, is a member of the right-wing Civic Democratic Party of Prime Minister Petr Fiala, who leads a centre-right governing coalition formed after a 2021 election. The opposition called on Blazek to resign after news about the gift appeared on Wednesday. Fiala said on X he was convinced that Blazek had acted 'in good faith' and appreciated his resignation as a 'responsible step'. The Czech Republic, an EU and Nato member of 10.9 million people, is bracing for a general election scheduled for October 3 and 4. The opposition ANO movement of billionaire ex-premier Andrej Babis is tipped to win as its backing in polls tops 30 per cent, way ahead of Fiala's second-placed Civic Democrats with some 20 per cent. — AFP
The Sun
4 hours ago
- The Sun
Bursa Malaysia likely to see volatile trading next week pending key market developments
KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) is expected to trade within a volatile range of 1,500 to 1,530 next week, pending the emergence of new market-moving developments. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said market sentiment will remain subdued, with investors maintaining a wait-and-see approach. 'From a technical standpoint, the FBM KLCI is in a correction phase, trading below its key moving averages, with technical indicators pointing to short-term weakness. 'Nonetheless, there are signs that the index may be positioning for a recovery, particularly if macroeconomic pressures subside and regional sentiment improves,' he told Bernama. Thong said a clear break above the 1,535 level could confirm a shift towards bullish momentum. Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said the FBM KLCI is expected to trade in a narrow range in the absence of clear catalysts. 'Should the index fall below the 1,500 level, bargain hunting may emerge — especially in undervalued large-cap names. 'Volatility may also increase due to several external triggers. South Korea's presidential election on Tuesday could influence regional sentiment, while investors will be closely monitoring a series of economic data releases from China, Japan, South Korea, Taiwan, and Malaysia — including updates on exports, inflation, and purchasing managers' indices,' he said. Mohd Sedek noted that Bursa Malaysia will see a shortened four-day trading week next week, due to the long weekend, which could lead to thinner trading volumes and heightened market volatility. 'Investors should remain vigilant, maintain diversified portfolios, and be prepared for intermittent of volatility as uncertainty continues to shape the investment landscape,' he added. Mohd Sedek said a US appeals court has stayed a prior ruling that had blocked President Donald Trump's use of reciprocal tariffs under the 1977 International Emergency Economic Powers Act, raising fresh questions about the future direction of US trade enforcement. Bursa Malaysia Bhd and its subsidiaries will be closed on June 2, 2025, in conjunction with the official birthday of His Majesty Sultan Ibrahim, King of Malaysia. The exchange and its subsidiaries will resume operations on Tuesday, June 3, 2025. For the week just ended, Bursa Malaysia retreated from earlier gains and ended lower on Friday weighed down by continued selling pressure in heavyweight and mid-cap stocks amid downbeat regional sentiment, following the uncertainty surrounding US trade policy. On a Friday-to-Friday basis, the barometer index fell 27.03 points to 1,508.35 from 1,535.38 a week earlier. The FBM Emas Index dipped 174.25 points to 11,299.80, the FBMT 100 Index slipped 172.10 points to 11,061.00, and the FBM Emas Shariah Index declined 169.96 points to 11,256.26. The FBM 70 Index lost 148.75 points to 16,201.51, and the FBM ACE Index fell 64.91 points to 4,551.03. Across sectors, the Financial Services Index tumbled 262.04 points to 17,840.54, the Industrial Products and Services Index was 1.39 points easier at 152.65, and the Energy Index shed 2.73 points to 708.04. The Plantation Index shrank 122.46 points to 7,207.85 and the Healthcare Index dropped 16.94 points to 1,816.95. Turnover advanced to 14.80 billion units valued at RM12.78 billion from 14.05 billion units valued at RM11.28 billion in the preceding week. The Main Market volume improved to 7.21 billion units worth RM11.50 billion against 7.14 billion units worth RM10.06 billion. Warrants turnover expanded to 5.90 billion units worth RM721.75 million against 5.13 billion units worth RM645.54 million a week ago. The ACE Market volume narrowed to 1.66 billion units valued at RM543.90 million from 1.78 billion units valued at RM563.52 million.
The Sun
4 hours ago
- The Sun
FBM KLCI to trade between 1,500 -1,530 amid uncertainty
KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) is expected to trade within a volatile range of 1,500 to 1,530 next week, pending the emergence of new market-moving developments. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said market sentiment will remain subdued, with investors maintaining a wait-and-see approach. 'From a technical standpoint, the FBM KLCI is in a correction phase, trading below its key moving averages, with technical indicators pointing to short-term weakness. 'Nonetheless, there are signs that the index may be positioning for a recovery, particularly if macroeconomic pressures subside and regional sentiment improves,' he told Bernama. Thong said a clear break above the 1,535 level could confirm a shift towards bullish momentum. Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said the FBM KLCI is expected to trade in a narrow range in the absence of clear catalysts. 'Should the index fall below the 1,500 level, bargain hunting may emerge — especially in undervalued large-cap names. 'Volatility may also increase due to several external triggers. South Korea's presidential election on Tuesday could influence regional sentiment, while investors will be closely monitoring a series of economic data releases from China, Japan, South Korea, Taiwan, and Malaysia — including updates on exports, inflation, and purchasing managers' indices,' he said. Mohd Sedek noted that Bursa Malaysia will see a shortened four-day trading week next week, due to the long weekend, which could lead to thinner trading volumes and heightened market volatility. 'Investors should remain vigilant, maintain diversified portfolios, and be prepared for intermittent of volatility as uncertainty continues to shape the investment landscape,' he added. Mohd Sedek said a US appeals court has stayed a prior ruling that had blocked President Donald Trump's use of reciprocal tariffs under the 1977 International Emergency Economic Powers Act, raising fresh questions about the future direction of US trade enforcement. Bursa Malaysia Bhd and its subsidiaries will be closed on June 2, 2025, in conjunction with the official birthday of His Majesty Sultan Ibrahim, King of Malaysia. The exchange and its subsidiaries will resume operations on Tuesday, June 3, 2025. For the week just ended, Bursa Malaysia retreated from earlier gains and ended lower on Friday weighed down by continued selling pressure in heavyweight and mid-cap stocks amid downbeat regional sentiment, following the uncertainty surrounding US trade policy. On a Friday-to-Friday basis, the barometer index fell 27.03 points to 1,508.35 from 1,535.38 a week earlier. The FBM Emas Index dipped 174.25 points to 11,299.80, the FBMT 100 Index slipped 172.10 points to 11,061.00, and the FBM Emas Shariah Index declined 169.96 points to 11,256.26. The FBM 70 Index lost 148.75 points to 16,201.51, and the FBM ACE Index fell 64.91 points to 4,551.03. Across sectors, the Financial Services Index tumbled 262.04 points to 17,840.54, the Industrial Products and Services Index was 1.39 points easier at 152.65, and the Energy Index shed 2.73 points to 708.04. The Plantation Index shrank 122.46 points to 7,207.85 and the Healthcare Index dropped 16.94 points to 1,816.95. Turnover advanced to 14.80 billion units valued at RM12.78 billion from 14.05 billion units valued at RM11.28 billion in the preceding week. The Main Market volume improved to 7.21 billion units worth RM11.50 billion against 7.14 billion units worth RM10.06 billion. Warrants turnover expanded to 5.90 billion units worth RM721.75 million against 5.13 billion units worth RM645.54 million a week ago. The ACE Market volume narrowed to 1.66 billion units valued at RM543.90 million from 1.78 billion units valued at RM563.52 million.
