KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia rebounded to end higher today with the benchmark FBM KLCI reclaiming the 1,700 psychological level, supported by improved global sentiment after US President Donald Trump signalled a potential de-escalation of the Iran conflict, alongside Malaysia’s stronger Industrial Production Index (IPI) data. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 27.51 points, or 1.64 per cent, to 1,701.68 from yesterday’s close of 1,674.17. The benchmark index opened 10.68 points higher at 1,684.85, its lowest point today, and hit a high of 1,703.61 in the late afternoon session. Market breadth was positive, with gainers thumping losers 929 to 382. A total of 361 counters were unchanged, 982 untraded and 19 suspended. Turnover declined to 3.60 billion units worth RM3.75 billion from yesterday’s 5.52 billion units worth RM5.87 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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