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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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UBS Cuts China's Growth Forecast as 5% Target Faces Rising Doubt

China's ambitious 5% growth target for 2024 is increasingly seen as unattainable by economists, with UBS Group AG among the latest to lower its forecast. The Swiss bank now predicts a 4.6% GDP growth for the year, down from its previous estimate of 4.9%, citing slow consumer spending and a lack of significant stimulus from the government. The real estate downturn and tight fiscal policies are major factors weighing down economic momentum, leading to growing skepticism among global banks regarding China's ability to meet its growth goal.

Key Takeaways:

  1. UBS Lowers Growth Forecast: UBS has revised China's GDP growth forecast for 2024 down to 4.6%, reflecting concerns over weak consumer spending and the government's reluctance to implement major stimulus measures.

  2. Real Estate Drag: China's ongoing real estate slump is significantly impacting domestic demand and overall economic confidence, leading to widespread downgrades in growth expectations from major financial institutions.

  3. Policy Challenges: Despite Beijing's efforts to revive the economy, including easing measures in the property market, the results have been limited. Analysts are increasingly doubtful that the government's 5% growth target is achievable, with calls for more aggressive fiscal and monetary policies.

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