KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
The benchmark KLCI FBM index lost 19.88 points or 1.2% to close at 1,633.3.
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| FBM KLCI downtrend continued as oil stumbles |
Last week, the market had a short rally after the
announcement made by Prime Minister Najib on the recalibrated Budget 2016 but
at this level, the KLCI is on a lower level than after the rally.
The decline in the index is in line with the world market, as oil price's decline worsen after hopes for oil-producing nations to reach an agreement for cutting production seem to falter.
It appears that the bear market is here to stay.Most Asian markets tumbled today as oil prices dropped for a third day. Japan's Nikkei 225 lost 3.15%, Hong Kong's Hang Seng Index fell by 2.36%, China's Shanghai Composite Index lost 0.38%, Australia's S&P/ASX200 dropped by 2.33%, and South Korea's Kospi Index shed 0.84%. Singapore's Straits Times Index also fell by 1.1%.
Shell Refining Co (Federation of Malaya) Bhd was the biggest decliner, falling by as much as 29.96% to RM3.46 before paring its losses to close at RM3.68. Shell Refining's major shareholder Shell Overseas Holdings Ltd has agreed to sell its 51% stake at a huge discount, for RM1.80 apiece.
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