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.
American Express recorded a strong start to the U.S. holiday shopping season, with retail consumer spending on its network rising 9% during the Thanksgiving-to-Cyber Monday period, CEO Stephen Squeri said on Wednesday.
Holiday Spending Picks Up Despite Economic Concerns
For payments companies, the final weeks of the year typically bring a surge in shopping, travel, and promotional spending. This year’s data eased worries of a softer season following the prolonged U.S. government shutdown and economic uncertainty.
During the Goldman Sachs US Financial Services Conference, Squeri highlighted:
9% growth in U.S. retail spending
13% growth in U.S. Platinum cardholder retail spending
Shares Rise as AmEx Outperforms Peers
American Express shares closed 3.2% higher, extending year-to-date gains to 26.5%, outperforming Visa, Mastercard, and the broader market.
Spending Growth Beats Market Trend
Holiday spending on AmEx’s network continues to run ahead of broader market estimates:
Adobe Analytics reported 7.7% growth in overall U.S. online spending during Cyber Week
AmEx’s more affluent customer base — known for higher incomes, travel plans, and big-ticket purchases — continues to support resilience in transaction growth.
Outlook Remains Positive
In October, AmEx raised the lower end of its 2025 profit and revenue guidance after beating third-quarter expectations.
Squeri added:
“The fourth quarter so far looks pretty much exactly like the third quarter. We’re pretty happy about that.”
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