KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Thailand's economic growth picked up pace in the second quarter of 2024, driven by increased consumption, a robust tourism sector, and stronger exports, according to official data released on Monday. The government has also revised its full-year growth forecast to reflect this positive momentum.
Key Highlights:
2Q GDP Growth: Thailand's GDP grew by 2.3% in the April-June quarter compared to the same period last year, surpassing analysts' expectations of 2.1% growth, as indicated in a Reuters poll. This marks an improvement from the 1.6% year-on-year growth recorded in the first quarter, which was revised upwards.
Quarterly Growth: On a seasonally adjusted quarterly basis, GDP grew by 0.8% in the second quarter, slightly below the 1.2% expansion seen in the previous quarter but close to the 0.9% growth forecast by analysts.
Sector Performance: Private consumption remained strong in the second quarter, reflecting the resilience of domestic demand. However, both public and private investments saw a contraction, as reported by the National Economic and Social Development Council (NESDC).
Revised Growth Forecast: The NESDC has narrowed its full-year GDP growth forecast to a range of 2.3% to 2.8%, compared to the previous estimate of 2% to 3%. Last year, Thailand's economy grew by 1.9%.
Challenges: Despite the positive growth, Thailand's economy continues to face challenges, including high household debt, elevated borrowing costs, and sluggish exports, particularly due to a slowdown in China, its top trading partner.
Export Outlook: The NESDC maintained its export growth forecast at 2% for the year, reflecting cautious optimism amid global economic uncertainties.
Outlook: While Thailand's economy shows signs of recovery, particularly in consumption and tourism, the continued contraction in investments and external challenges highlight the need for careful economic management to sustain growth in the coming months.
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