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
US consumer confidence improved in July as optimism about the economy and labor market outweighed concerns about current conditions.
The Conference Board’s gauge increased to 100.3 from a downwardly revised 97.8 in June, exceeding the median estimate of 99.7 from a Bloomberg survey of economists. The expectations measure for the next six months climbed to 78.2, the highest since January, with more consumers expecting better business conditions.
Key Takeaways:
- Increased Confidence: The Conference Board’s consumer confidence index rose to 100.3 in July from 97.8 in June.
- Future Optimism: Expectations for the next six months reached 78.2, the highest since January.
- Current Conditions: The gauge of present conditions fell to the lowest in over three years.
- Subdued Confidence: Despite the increase, confidence remains below pre-pandemic levels due to high living costs, elevated borrowing costs, and subdued pay growth.
- Labor Market Views: While optimism about future labor market conditions improved, views on current conditions worsened. The share of consumers saying jobs are “plentiful” fell to 34.1%, the lowest since March 2021, while more said jobs are “hard to get.”
- Labor Differential: The difference between those finding jobs plentiful and those finding jobs hard to get dropped to a more than three-year low.
- Buying Plans: Plans for purchasing new vehicles increased, while intentions to buy major appliances fell. Homebuying plans dropped to the lowest level in over 11 years, affected by high mortgage rates and prices.
Inflation Expectations and Labor Market Data:
- Inflation expectations remained steady, with recent data showing US inflation rose at a tame pace in June.
- Separate figures indicated June job openings exceeded expectations.
- A key government report due on Friday is expected to show employers added 175,000 jobs in July, indicating a slower but healthy pace of job growth.
Comments from Dana Peterson: “Confidence increased in July, but not enough to break free of the narrow range that has prevailed over the past two years,” said Dana Peterson, chief economist at the Conference Board. “Even though consumers remain relatively positive about the labor market, they still appear to be concerned about elevated prices and interest rates.”
Overall, while the consumer confidence index showed improvement, the persistence of high costs and interest rates continues to weigh on consumer sentiment and spending, especially among lower-income individuals.
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