ETF Performance Report September 2024

Global equities collectively rose in September despite an early-month slowdown triggered by renewed fears of a US recession alongside a global tech sell-off. Growth was primarily stemmed by the US Federal Reserve’s long-awaited rate cut as it trimmed its key interest rate by half a percentage point (50 bps) to the 4.75% to 5.00% range. The US Feds also indicated further cuts to happen before year end. Overall, the MSCI World Index grew further albeit at a slower pace with a 1.7% month-on-month (MoM) growth (versus 2.5% in August) to 3,723.03pts.

With gold being a beneficiary of the US Fed rate cuts, the LBMA Gold Price AM ended 5.0% higher MoM at USD2,650.15 per troy ounce. However, GOLDETF’s total volume / value declined MoM by 32.1% and 32.4% to 643K units / RM2.2 mil respectively.