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 (Sept 8): The FBM KLCI saw a modest pullback today on profit taking, erasing gains accumulated over the past two trading days.
The benchmark index closed the day 3.08 points or 0.17% lower at 1,779.90. It opened at 1,781.07 points and moved between 1,775.06 and 1,782.81.
Malacca Securities head of research Victor Wan said the index's retreat was a "healthy pullback", as gains in the market, which largely reflected the positive economic outlook, were overdone.
"There are very few catalysts at this point, as the market has gone up by about 8% year-to-date. The gains were overdone so it is expected that the market pulls back today," Wan told theedgemarkets.com.
On the broader market, however, gainers outpaced decliners by 473 to 384 while 404 counters were unchanged.
Trading volume rose to 2.97 billion shares worth RM2.27 billion, from 2.63 billion shares valued at RM2.41 billion yesterday.
Red chip company Sino Hua-An International Bhd was the most active counter with 313.39 million shares exchanged. It closed at 23.5 sen, up 5.5 sen or 30.56%.
Elsewhere in the region, indices were mostly in red in tandem with geopolitical risks and natural disasters which spooked investors in the United States.
This, however, excluded Hong Kong's Hang Seng, which rose 145.55 points or 0.53% to close at 27,668.4, supported by the strengthening of the Hong Kong dollar.
Japan's Nikkei fell 121.70 points or 0.63% to 19,274.82, while South Korea's Kospi closed 2.47 points or 0.11% lower at 2,343.72, due to the downward revision of Japan's GDP growth and geopolitical tensions in North Korea.
Source: The Edge
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