KUALA LUMPUR, May 21 (Bernama) -- Bursa Malaysia ended at its intraday low on Thursday as investor sentiment remained cautious amid ongoing foreign outflows, although the recent weakness may present bargain-hunting opportunities in fundamentally sound blue-chip counters. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 9.33 points, or 0.54 per cent, to 1,708.36, from yesterday’s close of 1,717.69. The benchmark index, which opened 3.74 points higher at 1,721.43, hit an intraday high of 1,722.50 in early trade before losing momentum for the rest of the day. Market breadth was negative, with losers outpacing gainers 656 to 508, while 565 counters were unchanged, 989 untraded and 32 suspended. Turnover fell to 3.49 billion units worth RM3.70 billion compared with 4.15 billion units worth RM4.29 billion on Wednesday.
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 — ...