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 (Oct 27): The FBM KLCI gained 9.33 points or 0.5% on index-linked Tenaga Nasional Bhd's share price rise and as investors reacted positively to Prime Minister Datuk Seri Najib Tun Razak's Budget 2018 speech.
At 5pm, the KLCI closed at 1,746.13 points, after rising to its intraday high at 1,751.50 points. Bursa Malaysia top gainer Tenaga added 62 sen to close at RM14.96, on the state-controlled utility's latest dividend and after the company announced a new dividend policy.
Across Bursa Malaysia, 2.76 billion shares, worth RM2.66 billion were traded. There were 476 gainers versus 310 decliners.
Yesterday, Tenaga proposed a dividend of 44 sen a share for its fourth quarter ended Aug 31, 2017 (4QFY17). The quarterly dividend brings full-year dividends to 61 sen.
Tenaga also said "with effect from the financial year ended 31 August 2017, TNB (Tenaga) will adopt a new dividend policy for the company. TNB intends to distribute dividends based on 30% to 60% dividend payout ratio, based on the reported consolidated net profit attributable to shareholders after minority interest, excluding extraordinary, non-recurring items."
Today, analysts said Najib's Budget 2018 speech, which began at 3:30pm, augured well for the stock market.
“The oversold KLCI, coupled with the optimistic budget speech by PM Najib, boosted the key index to close higher,” Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com.
Source: The Edge
Comments
Post a Comment