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 (Jan 22): The FBM KLCI gained 4.32 points or 0.2% after the index erased losses in tandem with Asian shares. Reuters reported that Asian shares remained resilient despite the pullback in US shares after the the US government was forced to shut down as investors saw limited economic fallout from the standoff in the US capital.
"After all, people know this is just a political show. Neither Republicans nor Democrats can afford to keep dragging their feet for long ahead of mid-term elections this year," Masashi Murata, senior currency strategist at Brown Brothers Harriman was quoted as saying in Tokyo.
At Bursa Malaysia, the KLCI closed at 1,833.15 points at 5pm after falling to its intraday low of 1,825.86 points.
Across Asia, Japan’s Nikkei 225 rose 0.03% while Hong Kong’s Hang Seng climbed 0.43% after both indices erased intraday losses.
In Malaysia, Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com that he believed the continuation of the stock market rally "has legs to run" until the country's 14th general election, which must be held by August 2018.
Today, Lau also noted that foreign fund flows into Malaysian shares are still strong although the level seemed to have gradually decreased in recent weeks. "Year-to-date, foreign investors are still net buyers," he said.
Across Bursa Malaysia today, trading volume was 4.62 billion shares worth RM2.87 billion. The most-active stock was Sumatec Resources Bhd which saw some 566 million shares traded. Sumatec shares rose one sen to 11.5 sen.
Source: The Edge
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