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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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UK Mortgage Approvals Steady, Indicating Stable Housing Market

UK mortgage approvals remained steady in June, signaling a stable housing market despite the highest interest rates in 16 years.

Key Takeaways:

  • Mortgage Approvals: The Bank of England (BOE) reported that 60,000 new mortgages were approved in June, similar to the 60,100 approvals in May. This marks the strongest level in 1½ years.

  • Lending on Properties: Total lending secured on properties rose to £2.7 billion (RM16.17 billion) from £1.2 billion the previous month.

  • Market Stability: The UK property market has shown resilience, picking up pace in recent months after a slight dip last year. This stability defies forecasts of a sharp drop in prices expected due to increased mortgage costs.

  • Interest Rates and Home Buyer Confidence: The BOE is considering when to lower interest rates, which could further boost confidence among home buyers.

  • Industry Insights: Nathan Emerson, CEO of Propertymark, noted that the housing market's momentum has sustained itself. He expressed optimism that a newly elected government with an ambitious housing agenda could further increase market confidence. Additionally, a potential rate cut by the BOE could provide a further boost.

  • Upcoming Data: Nationwide Building Society is set to release house price data later this week, with economists expecting a third consecutive month of price increases in July.

The steady mortgage approvals and rising property lending indicate a stabilizing UK housing market, offering positive signs for both home buyers and the broader economy.

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