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.
US shoppers are projected to increase their holiday spending this year, with the average consumer expected to spend $1,638 (RM6,807.43) , reflecting a 7% rise compared to 2023, according to PwC's annual holiday outlook. This growth suggests resilience among consumers despite the ongoing challenges posed by rising prices that have impacted purchasing power. Diverging Consumer Sentiments However, this optimistic spending forecast masks underlying stress among lower-income consumers. PwC reports that 85% of consumers are planning to cut back on expenditures, primarily in nonessential categories such as dining out and luxury items. This shift indicates a growing price sensitivity that retailers must navigate carefully. PwC researchers noted, “Many brands already find themselves in a tricky spot” as high prices diminish customer loyalty, prompting a shift towards private labels and store brands. To combat this trend, companies are advised to adopt strategic pricing and promotion , en...