KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 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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