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 (Dec 29): The FBM KLCI gained 17.71 points or 1% after an 11th-hour share price spike in index-linked KLCCP Stapled Group and Sime Darby Plantation Bhd pushed the 30-stock KLCI higher.
At 5pm, the KLCI closed at its intraday high at 1,796.81 points for a year-to-date gain of 9.45%. Today is the final trading day for Malaysian markets in 2017 as investors look ahead to 2018 next week.
Today, KLCCP added 83 sen to RM8.64 while Sime Darby Plantation rose 52 sen to RM6. KLCCP and Sime Darby Plantation were Bursa Malaysia's fourth and sixth largest gainers respectively.
It is worth noting that property companies SP Setia Bhd and
Capitaland Malaysia Mall Trust (CMMT) were also major gainers.
SP Setia was the fifth largest gainer after its share price increased 64 sen to RM4. CMMT gained 41 sen to RM1.83 to become the eighth largest advancer.
Across Bursa Malaysia, trading volume was 3.14 billion shares worth RM2.77 billion.
Kenanga Investment Bank Bhd head of research Chan Ken Yew told theedgemarkets.com that the KLCI's increase can be attributed to "window dressing activities."
"Fundamentally, our (Malaysia) economic indicators are good as well," Chan said.
Next week, Malaysian markets will be closed on Monday (January 1, 2018) for the New Year's Day holiday. Trading resumes on Tuesday.
Source: The Edge
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