KUALA LUMPUR, Sept 28 (Bernama) -- Bursa Malaysia ended marginally lower on Monday amid selling activity as the market lacked fresh catalysts to spur investors’ buying interest, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02, from Friday’s close of 1,671.62. The benchmark index, which opened 0.93 of-a-point higher at 1,672.55, moved between 1,668.61 and 1,674.11 throughout the trading session. Market breadth was negative as losers surpassed gainers 748 to 388, while 517 counters were unchanged, 1,271 untraded and 91 suspended. Turnover slipped to 3.11 billion units worth RM2.40 billion from 4.07 billion units valued at RM2.69 billion on Friday.
US service providers expanded in September at the fastest pace since February 2023, fueled by a surge in orders and stronger business activity, according to data from the Institute for Supply Management (ISM).
The ISM’s index of services rose 3.4 points to 54.9 last month, exceeding all projections in a Bloomberg survey. Readings above 50 indicate expansion, signaling solid economic performance at the end of the third quarter.
The report showed that new orders jumped 6.4 points, the largest increase since early 2023, and a measure of business activity reached a four-month high, mirroring the strength seen in the ISM’s factory output gauge.
Despite stronger demand, there were signs of cautious hiring, with the employment index slipping to 48.1, indicating companies are relying on existing staff to meet demand.
Rising demand also drove up prices for materials and services, with the prices paid index climbing to 59.4, its highest level since January.
The services sector's strength contrasts with the manufacturing side, which has contracted for six consecutive months. The gap between the services and manufacturing indices is now 7.7 points, the largest since late 2019, illustrating a bifurcated economy.
Additionally, inventories and imports grew in September as companies prepared for a potential port strike and the holiday-shopping season.
Comments
Post a Comment