KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
Wall Street saw a remarkable 31.5% increase in bonuses for 2024, with the average payout hitting a record high of $244,700, according to New York State Comptroller Thomas DiNapoli. The surge in bonuses was driven by a rebound in deal-making, particularly in investment banking, despite growing economic uncertainty.
Key Highlights:
Record-Breaking Bonus Pool: The bonus pool for employees in New York City's securities industry surged to a staggering $47.5 billion for 2024, setting a new record since records began in 1987.
Impact of Dealmaking: Investment banking fees rose sharply last year, propelled by increased deals and corporate debt issuance. This resulted in a 90% profit increase for Wall Street’s major banks.
Job Growth in Securities: Employment in the securities industry also hit a three-decade high, with 201,500 workers in 2024, up from 198,400 the previous year.
Tax Revenue Boost: The 2024 bonuses will contribute an estimated $600 million more in state income tax revenue and $275 million more for New York City.
However, uncertainty looms as changes in policies under President Donald Trump’s administration, including tariffs and regulatory shifts, may dampen the outlook for deal-making and bonus growth in the coming quarters.
The strength of Wall Street continues to play a crucial role in supporting New York's economy, but analysts remain cautious as the broader economic landscape becomes more uncertain.
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