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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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US Economy Powers Ahead: Q3 Growth Revised to 3.1% Amid Consumer and Export Strength

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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