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 (July 7): The FBM KLCI fell 10.6 points or 0.6% with Asian share markets after US equities declined overnight.
At 5pm today, the KLCI closed at 1,759.93 points. Across Asia, Japan’s Nikkei 225 fell 0.32%, South Korea’s Kospi declined 0.33% while Hong Kong’s Hang Seng was down 0.49%.
In overnight US share trades, the Dow Jones Industrial Average dropped 0.74%, S&P 500 fell 0.94% while Nasdaq Composite was 1% lower.
Reuters reported that US stocks were sharply lower on Thursday after disappointing labour market data clashed with the possibility of a more hawkish Federal Reserve, while rising tensions in the Korean peninsula provided additional pressure.
It was reported that Asian shares lost ground on Friday after a weak session on Wall Street, while global sovereign debt yields were elevated across the board on bets the European Central Bank is moving closer to unwinding its massive monetary stimulus.
In Malaysia, Kenanga Investment Bank Bhd research head Chan Ken Yew said the KLCI's decline was in line with the fall in US markets.
“(In Malaysia) market activity seems to be slowing down due to a lack of catalyst. We are expecting a potential pullback in the KLCI in the third quarter,” Chan said.
Across Bursa Malaysia today, 1.31 billion shares worth RM1.54 billion were traded. Decliners outnumbered gainers at 644 against 209 respectively.
Leading decliner was British American Tobacco (M) Bhd while Cycle & Carriage Bintang Bhd topped gainers. The most-active counter was Hubline Bhd.
Source: The Edge
Comments
Post a Comment