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 (Aug 14): The FBM KLCI rose 4.12 points or 0.2% on bargain hunting and as Asian shares climbed with US stock futures. Global shares gained today following US equities' advance last Friday.
At 5pm today, the KLCI closed at 1,771.08 points. Across Asia, Hong Kong's Hang Seng added 1.36% while South Korea's Kospi climbed 0.63%.
"The KLCI has rebounded after the decline in the past few days, led by technology stocks and industrial stocks. This has been partly due to the weakness of the ringgit, which is perceived to be positive for stocks in these sectors," Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com
Last Friday, the KLCI fell 10.81 points to close at 1,766.96 points.
Reuters reported that the three major US stocks indexes ended higher on Friday, snapping three days of losses, as investors bet on slower US rate hikes, but gains were muted by increasingly aggressive exchanges between the United States and North Korea.
Today, Reuters reported that Asian stocks bounced on Monday after three straight losing sessions, tracking a firmer Wall Street, while the dollar was capped by tensions on the Korean peninsula and doubts that the Federal Reserve will hike interest rates again this year. US stock futures rose 0.3 percent, suggesting a higher open later in the day.
Across Bursa Malaysia, 1.53 billion shares worth RM1.7 billion were traded. There were 483 gainers and 290 decliners.
Lotte Chemical Titan Holding Bhd rose 34 sen to RM4.70 to become the third-largest gainer after JPMorgan Chase & Co and HSBC initiated coverage on the stock. Bloomberg reported that JPMorgan had a RM7 target price (TP) for Lotte Chemical Titan shares with an "overweight" call. It was reported that HSBC had a RM7.60 TP with a "buy" call for Lotte Chemical Titan.
Source: The Edge
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