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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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UK Debt Reaches 100% of GDP, Adding Pressure on Finance Minister Rachel Reeves

British government debt has surged to 100% of GDP for the first time in modern history, creating additional challenges for Finance Minister Rachel Reeves as she prepares her tax and spending plans. According to the Office for National Statistics, this marks the first time public sector net debt (excluding public sector-owned banks) has hit this level since 1993.

Government borrowing reached £13.734 billion in August, £3.3 billion more than the same month last year, exceeding expectations. Weak economic growth, alongside increased spending on social benefits and inflation-driven expenditures, contributed to the higher-than-expected deficit.

Reeves, who has warned that tax increases will be necessary in her October 30 budget, has limited options after ruling out hikes in income, corporation, and value-added taxes. This leaves little room to address public service demands or increase investment, according to PwC economist Gora Suri.

Over the first five months of the 2024/25 financial year, the government has borrowed £64.1 billion, about £6 billion more than projected by the Office for Budget Responsibility (OBR). Debt, excluding the Bank of England, also rose to 92% of the economy, another record high.

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