KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
India’s industrial production contracted in August for the first time in nearly two years, signaling a slowdown in the country’s rapid economic growth. The index of industrial production declined by 0.1% year-on-year, following a 4.7% growth in July, according to the Ministry of Statistics. Economists had predicted a 1% increase.
This decline aligns with other indicators pointing to a moderation in India’s growth. Purchasing managers’ surveys for September showed a slowdown in both the services and manufacturing sectors, while output in eight core industries—including steel, coal, and cement—also contracted by 1.8% in August compared to a year earlier.
After India’s economy expanded by over 8% in the fiscal year ending in March 2024, economists are now downgrading their forecasts for the current fiscal year’s GDP growth, with the median estimate at 6.9%. Some banks, like Goldman Sachs, predict growth as low as 6.5%, while the Reserve Bank of India remains more optimistic, maintaining its 7.2% growth forecast.
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