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.
Credit rating agency Fitch has downgraded Israel's credit rating from "A-plus" to "A," citing escalating geopolitical risks as the ongoing war in Gaza continues. The agency maintained a negative outlook, signaling that further downgrades could be possible. Key Highlights: Ongoing Conflict: The downgrade comes as Israel’s conflict in Gaza, which began after the Hamas-led cross-border attack on October 7, 2023, shows no signs of abating. Fitch warned that the conflict could extend well into 2025 and might even spread to other fronts, further complicating the geopolitical landscape. Market Reaction: Israel's currency, the shekel, fell by as much as 1.7% against the dollar on Monday, and stocks in Tel Aviv closed over 1% lower as investors grew increasingly concerned about the potential for broader conflict in the Middle East. Impact on Public Finances: Fitch expects the Israeli government to significantly increase military spending by about 1.5% of GDP compa...