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Market Daily Report: Bursa Malaysia's Key Index Ends At Intraday High

KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
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South African Tourism Sees Strong Growth, Minister Reports

South Africa's tourism sector experienced significant growth, with a 9.7% increase in arrivals between January and May 2024, compared to the same period last year, according to Tourism Minister Patricia de Lille.

Key Highlights:

  • Tourism Growth: The number of arrivals reached approximately 3.8 million, contributing to a 27.5% increase in direct spending by overseas visitors, totaling 95.1 billion rand ($5.3 billion) in the 2023-24 financial year.
  • Economic Contribution: Tourism's overall contribution to South Africa's economy rose to 458.9 billion rand in 2023, representing 6.8% of the nation's gross domestic product (GDP). This is an increase from 421.7 billion rand in 2022, according to the World Travel & Tourism Council.
  • Visitor Demographics: The nation saw a notable rise in visitors from Asia, Europe, America, Africa, and the Middle East. The visa waiver program contributed to strong visitor numbers from countries like Ghana and Kenya.

Minister de Lille highlighted the positive impact of tourism on the economy while addressing lawmakers in Cape Town. The growth in tourism not only boosts direct spending but also enhances the overall economic health of the country.

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