KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
The US economy grew faster in Q3 than previously estimated, driven by strong consumer spending and a surge in exports, according to revised figures from the Bureau of Economic Analysis released Thursday.
Key Highlights
GDP Growth
- Gross Domestic Product (GDP) increased at a 3.1% annualized rate in Q3, up from the prior estimate of 2.8%.
- Consumer spending, a key driver of the economy, was revised to 3.7% from 3.5%.
Exports Surge
- Exports expanded by 9.6%, significantly higher than the previous estimate of 7.5%, with growth entirely attributed to services.
Inflation Metrics
- The personal consumption expenditures (PCE) price index, excluding food and energy, was revised slightly higher to 2.2%.
Economic Resilience
- The revised data reinforces that the economy remains strong, defying forecasters’ predictions of a slowdown.
- This comes on the heels of the Federal Reserve signaling slower rate cuts in 2025, influenced by stronger-than-expected economic data.
Other GDP Components
- Business investment, residential investment, and government spending also saw upward revisions, contributing to the stronger overall performance.
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