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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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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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