KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
New Zealand's population growth continued to decelerate in the second quarter of 2024, reflecting reduced immigration and an increasing number of citizens seeking better job opportunities and wages abroad.
Key Highlights:
Slowing Growth: The estimated population increased by just 7,000 in the three months ending in June, marking the weakest growth since the second quarter of 2022. This modest gain was driven by net immigration of only 2,000 — the lowest since mid-2022 — and a natural increase of 5,100.
Emigration Trends: A record number of New Zealanders are moving overseas, particularly to Australia, in search of better career prospects. Meanwhile, the sluggish domestic economy is leading to higher unemployment rates and reduced demand for foreign workers.
Economic Impact: The slowdown in immigration has been cited by the Reserve Bank of New Zealand as a factor in easing inflation pressures. The central bank recently began cutting interest rates earlier than anticipated, and it forecasts a continued decline in net arrivals, predicting 31,000 in 2024 and 23,300 in 2025.
Annual Population Growth: For the year ended June 30, the population increased by 93,500 or 1.8%, bringing the total to 5,338,500. This is a slowdown from the revised 123,400 or 2.4% growth recorded in the 12 months to March.
Immigration Decline: Net immigration for the year through June was 73,200, down from 103,400 in the previous year, while the natural population increase was 20,300.
Outlook: New Zealand's slowing population growth reflects broader economic challenges, including a weakening labor market and reduced attractiveness for foreign workers. As more citizens seek opportunities abroad, particularly in Australia, the country faces the dual pressures of managing economic sluggishness and maintaining a sustainable workforce. The Reserve Bank's recent policy adjustments signal a focus on addressing these issues while managing inflationary pressures.
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