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.
Global information technology (IT) spending is projected to reach $5.26 trillion (RM24.60 trillion) in 2024, marking a 7.5% increase from 2023, according to the latest forecast by Gartner Inc. Key Highlights: Spending Forecast: This growth rate is a slight decrease from the previous quarter's forecast of 8% but still represents a substantial increase in overall spending, up from the forecasted $5.06 trillion. Generative AI Impact: John-David Lovelock, Gartner's distinguished analyst and research vice-president, highlighted that generative AI (GenAI) is influencing all technology segments, although its benefits are unevenly distributed. Generative AI and Software Spending: Revenue Impact: Lovelock noted that while some software spending increases are due to GenAI, for software companies, GenAI often functions like a tax. Revenue gains from GenAI-related add-ons or tokens generally flow back to AI model provider partners. Data Center Systems Spending: Significant Increase: Sp...