KUALA LUMPUR, Sept 2 (Bernama) -- Bursa Malaysia ended higher on Wednesday on bargain hunting following the recent sell-off, ahead of Bank Negara Malaysia’s (BNM) overnight policy rate (OPR) decision on Thursday. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.20 points 1,708.74, compared with Tuesday’s close of 1,700.54. The benchmark index opened 0.42 of a point better at 1,700.96 and fluctuated between 1,695.89 and 1,709.71 throughout the day. On the broader market, losers trounced gainers 746 to 424, while 554 counters were unchanged, 1,048 untraded and 17 suspended. Turnover declined to 4.20 billion units valued at RM3.52 billion from 5.52 billion units valued at RM4.42 billion on Tuesday.
Quick Summary American Express saw stronger-than-expected customer spending Quarterly dividend raised by 16% to US$0.95 per share Earnings narrowly missed estimates due to higher investment costs Management warns proposed US credit-card rate cap could hurt the economy What Happened American Express Co reported robust customer spending in the fourth quarter, signalling resilient consumer demand even as costs climbed. Transaction volume (billed business): US$445.1 billion , +9% YoY Beat Wall Street expectations of US$441.4 billion Dividend increased by ~16% to US$0.95 per share , effective Q1 Earnings Snapshot EPS: US$3.53 ( +16% YoY ), slightly below consensus of US$3.56 Higher costs weighed on profit, driven mainly by: Platinum card refresh Investments in AmEx’s new app and digital capabilities CEO Stephen Squeri said the spending is strategic and already delivering results. “Our investments are paying off — ...