KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
China’s services sector saw a sharp rebound in July, with the S&P Global Services PMI jumping to 52.6, its highest level since May 2024 — a clear signal that the summer travel boom is driving short-term resilience.
Key Indicators
S&P Services PMI: ▲ to 52.6 (vs 50.6 in June; Bloomberg forecast: 50.4)
Export Orders: Fastest rise since Feb
Employment: Hiring at highest pace in 12 months
Selling Prices: ↑ for the first time in 6 months
Business Confidence: Highest in 4 months
What’s Driving It
Peak summer season lifted tourism, transport, entertainment
External demand picked up as global trade tensions eased
Firms responded by expanding workforce and adjusting pricing
Caution Signs Remain
PBOC Survey: Job sentiment fell to worst on record in Q2
Official Services PMI: ↓ to 50 (vs 50.1), hinting divergence
Weak Spots: Real estate and some consumer services still contracting
Survey Methodology Matters
S&P PMI: Focuses on 650 smaller, non-state firms
Official PMI: Broader base of 4,300 firms, includes state sector
Private survey has historically been more upbeat
Regional PMI Trends
China Services: ▲52.6
Japan: 50.9
South Korea: 51.2
India: 60.4
Takeaway
China’s services sector is riding a seasonal wave of domestic travel, offering a rare bright spot in an otherwise shaky economy. But consumer caution and weak official data suggest this momentum may not last.
Watch for: Policy tweaks if sentiment remains soft, and whether the services rebound spills over into retail sales or property in Q3.
Risks Ahead
Persistent job market pessimism
Divergence between official and private gauges
Ongoing real estate drag limiting broader consumer recovery
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