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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Biden Predicts Continued Fed Rate Cuts as Inflation Eases

US President Joe Biden expressed confidence that the Federal Reserve will continue cutting interest rates, a move he hailed as beneficial for American consumers. Speaking at an Economic Club of Washington event on Thursday, Biden emphasized his administration’s ongoing efforts to lower costs for Americans and highlighted the progress made in bringing inflation closer to the Fed's 2% target.

"Interest rates are going to be coming down and they're expected to go down further. That's a good place for us to be," Biden remarked. He welcomed the Fed's half-percentage-point rate cut on Wednesday, calling it "good news for consumers" but acknowledged that more work is needed.

Biden’s administration has focused on expanding domestic manufacturing, investing in clean energy and infrastructure, and capping drug costs for seniors. These policies have contributed to the creation of 16 million jobs and rising wages, according to Jeff Zients, the president’s chief of staff.

While inflation has significantly improved from its 40-year high in 2022, concerns about the economy and inflation remain prevalent among voters. A recent Reuters/Ipsos poll showed former President Donald Trump holding an advantage on inflation, with 43% of voters believing Trump is better suited to lower prices compared to 36% who favor Vice President Kamala Harris.

Fed Chair Jerome Powell noted that the US economy remains strong but emphasized the need for caution to prevent job market weakening. Mortgage rate reductions are already delivering savings to homeowners, and further rate declines are expected to amplify these benefits.

The White House is also closely monitoring global risks, including tensions in the Middle East, but does not foresee significant economic impacts at this time.

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