KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
The Organisation for Economic Cooperation and Development (OECD) expects global growth to stabilize at 3.2% in both 2024 and 2025, as the impact of central bank rate hikes diminishes and declining inflation supports household incomes. In its latest forecast, the OECD slightly raised its 2024 outlook from 3.1% while keeping 2025 growth unchanged.
The OECD highlighted that as inflation continues to fall and interest rate cuts are introduced, consumer spending is likely to benefit, boosting economic activity. If recent declines in oil prices persist, global headline inflation could be 0.5 percentage points lower over the coming year.
The US Federal Reserve's interest rate is expected to decrease to 3.5% by the end of 2025, and the European Central Bank could lower rates to 2.25% by then. The US economy is projected to slow from 2.6% growth in 2024 to 1.6% in 2025, while China's growth is expected to decelerate from 4.9% to 4.5% over the same period, due to weaker consumer demand and challenges in the real estate sector.
Meanwhile, the eurozone is forecast to see growth rise from 0.7% in 2024 to 1.3% in 2025, supported by rising incomes. The UK economy also received a positive revision, with growth projected at 1.1% in 2024 and 1.2% in 2025, driven by strong wage growth.
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