KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Singapore's economy accelerated in the third quarter of 2024, growing by 2.1% from the previous quarter, driven by a strong rebound in manufacturing and steady growth in construction, according to the Ministry of Trade and Industry. This performance slightly surpassed economists' expectations of a 2% increase.
On a year-on-year basis, the economy expanded 4.1%, beating the forecasted 3.8% growth. The robust growth has shifted Singapore onto a stronger economic footing, suggesting that the recovery is gaining momentum despite tight monetary conditions and geopolitical tensions.
The manufacturing sector grew by 7.5% year-on-year, rebounding from a 1.1% contraction in the previous quarter. The construction sector also grew by 3.1%, though at a slower pace than the 4.8% growth in the prior quarter.
However, uncertainties remain. Households continue to face cost-of-living pressures, and external risks, such as a weaker Chinese economy, the upcoming US presidential election, and Middle East tensions, could potentially impact Singapore's recovery, especially as a major oil-importing nation.
Prime Minister Lawrence Wong expects inflation to ease further in the coming months, thanks to government initiatives aimed at reducing living costs for low-income households. While core inflation dipped to its lowest level since 2022 in July, it accelerated to 2.7% in August, signaling that prices remain sticky.
The city-state has revised its 2024 GDP growth forecast to 2%-3%, reflecting optimism for sustained economic momentum.
Comments
Post a Comment