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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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UK Economic Growth Revised Down, Impacting Starmer's Agenda

The UK's economic growth for the second quarter of 2024 has been revised down to 0.5%, from an initial estimate of 0.6%, according to the Office for National Statistics. This suggests that the economic recovery is losing momentum as Labour, under Prime Minister Keir Starmer, took power. The downgrade follows 0.7% growth in the first quarter, with no revision expected by economists.

This revision is a setback for Starmer, who has promised to boost growth to 2.5%, far higher than the current levels and what forecasters predict in the near future. Further slowing is evident, with July output flatlining for the third time in four months, raising concerns about the economic outlook.

Chancellor Rachel Reeves is expected to announce tax rises and spending cuts in her October 30 budget, aiming to address a budget deficit inherited from the previous government. Surveys suggest the UK economy could slow to a quarterly growth rate of 0.3%.

While real disposable income per head rose 1% in the second quarter due to wages outpacing inflation, the saving ratio increased to 10%, indicating that consumers remain cautious about spending.

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