KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia ended higher on Friday as investors continued to accumulate blue-chip stocks in line with stronger performances across most regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.50 points to 1,724.90 from yesterday’s close of 1,720.40. The benchmark index opened 0.83 of a point higher at 1,721.23, and moved between 1,715.67 and 1,730.12 throughout the day. The broader market was positive with gainers outpacing losers 707 to 402, while 547 counters were unchanged, 1,085 untraded and 56 suspended. Turnover expanded to 3.03 billion units valued at RM3.56 billion from 2.49 billion units valued at RM2.25 billion on Thursday.
Austan Goolsbee , President of the Federal Reserve Bank of Chicago , emphasized on Thursday that interest rates need to come down significantly over the next 12 months . Goolsbee highlighted that while inflation has cooled and is nearing the Fed’s 2% target, the central bank’s focus has now shifted to maintaining stability in the job market , where the unemployment rate currently sits at 4.2% . In an interview on WBEZ , Goolsbee stated, "Rates need to come down over the next 12 months by a lot," reiterating that the Fed is now concentrating on preventing further increases in unemployment while keeping inflation under control. Last month, the Federal Reserve cut interest rates by a half percentage point , marking its first rate reduction since the pandemic began. This larger-than-expected move was aimed at supporting the slowing labor market . As the November Fed meeting approaches, officials are expected to implement smaller, quarter-point cuts , though the extent of any red...