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 18): The FBM KLCI declined 1.43 points or 0.1% as investors
took profit after the KLCI's substantial rise last week pushed the
index into overbought territory.
At 5pm today, the KLCI closed at 1,751.64 points. On Friday (Dec 15), the KLCI fell 13.35 points to 1,748.5 points. On Thursday, the KLCI rose 21.34 points to close at 1,759 points on banking stock gains amid fund managers' year-end window dressing.
Today, TA Securities Holdings Bhd wrote in a note: "Last week's rally spike on the FBM KLCI to a two-month high lifted daily momentum indicators into deeply overbought territory, suggesting profit taking is needed to consolidate short-term gains and neutralise excessive overbought momentum."
Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that although foreign funds are coming back into the Malaysian stock market, they may not buy local shares every day.
"There are times they take profit and I don’t think there was big concerted window dressing so far,” he said.
Across Bursa Malaysia, trading volume was 2.4 billion shares worth RM2.17 billion. There were 350 gainers versus 451 decliners, Malaysian shares bucked Asian equities' rise. Japan’s Nikkei 225 gained 1.55% while Hong Kong's Hang Seng rose by 0.7%.
Reuters reported that Asian shares edged up on Monday, with sentiment boosted by expectations US lawmakers will pass a long-awaited tax Bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world’s second largest economy.
Source: The Edge
At 5pm today, the KLCI closed at 1,751.64 points. On Friday (Dec 15), the KLCI fell 13.35 points to 1,748.5 points. On Thursday, the KLCI rose 21.34 points to close at 1,759 points on banking stock gains amid fund managers' year-end window dressing.
Today, TA Securities Holdings Bhd wrote in a note: "Last week's rally spike on the FBM KLCI to a two-month high lifted daily momentum indicators into deeply overbought territory, suggesting profit taking is needed to consolidate short-term gains and neutralise excessive overbought momentum."
Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that although foreign funds are coming back into the Malaysian stock market, they may not buy local shares every day.
"There are times they take profit and I don’t think there was big concerted window dressing so far,” he said.
Across Bursa Malaysia, trading volume was 2.4 billion shares worth RM2.17 billion. There were 350 gainers versus 451 decliners, Malaysian shares bucked Asian equities' rise. Japan’s Nikkei 225 gained 1.55% while Hong Kong's Hang Seng rose by 0.7%.
Reuters reported that Asian shares edged up on Monday, with sentiment boosted by expectations US lawmakers will pass a long-awaited tax Bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world’s second largest economy.
Source: The Edge
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