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 ...
KUALA LUMPUR (Feb 7): The FBM KLCI slipped 0.14% or 2.4 points to close at 1,688.84 today due in part to falls in heavyweights such as Tenaga Nasional Bhd, Sime Darby Bhd and Malayan Banking Bhd.
Trading continued to be sluggish with a section of investors still preferring to stay at the sidelines awaiting better leads.
Areca Capital Sdn Bhd chief executive and fund manager Danny Wong, however, noted that the market has attracted some fresh buying interest, supported by the price of crude oil and better clarity on US economic policies under Donald Trump's presidency.
"Since early-January, there have been upsides in stock prices with the FBM KLCI trading above 1,600 points. This is obviously better than last year when earnings and sentiment were bad," Wong told theedgemarkets.com over telephone.
"If oil prices continue strengthening to about US$50–US$60 (a barrel) amid OPEC's output cuts, we could be seeing the local stock market hitting 1,700 points," he added.
A total of 2.14 billion shares valued at about RM2.1 billion were traded today. There were 436 gainers and 420 losers.
Reuters reported that the demand for Asian stocks and the euro had subsided on continued economic and political concerns following the slump of China's foreign exchange reserves in January.
In the United States, Wall Street slipped 0.2%, dragged down by the falling oil prices as well as weaker sentiment due to Trump's economic policies.
On the regional front, Japan's Nikkei 225 slipped 0.35%, Hong Kong's Hang Seng Index declined 0.07%, and South Korea's Kospi dipped 0.12%.
Source: The Edge
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