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 15): The FBM KLCI climbed 3.24 points or 0.2% as the ringgit strengthened today and after US shares rose to record closing highs on Friday (Jan 12).
At 5pm today, the KLCI closed at 1,825.91 points. Across Bursa Malaysia, 5.4 billion shares worth RM3.33 billion changed hands.
In currency markets, the ringgit was traded at its strongest level against the US dollar today at 3.9525. Over the last one year, the exchange rate was between 3.9525 and 4.4707.
“(In Malaysia) There is a broader appeal among investors for bigger selection of stocks. It’s a combination of these factors — the upcoming election, a continuation of inflows from foreign funds and a strong ringgit," Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com.
“There is also the (Malaysia corporate) financial results season coming ahead, with optimism that it would be better than the previous quarter which posted a dismal 4-5% earnings growth," Pong said.
Today, Malaysian and Asian share markets rose after US equities' rise on Friday. US markets were closed today (Monday, Jan 15) for the Martin Luther King, Jr. Day holiday.
Reuters reported that Asian shares hit historic highs on Monday after Wall Street extended its record-breaking run, while the US dollar retreat continued as investors priced in the risk of tighter policies elsewhere in the developed world.
It was reported thar Wall Street continued its rally on Friday with record closing highs as the fourth-quarter earnings season kicked off with solid results from banks and robust retail sales drove investor optimism about economic growth. The Dow Jones Industrial Average rose 228.46 points, or 0.89 percent, to 25,803.19, the S&P 500 gained 18.68 points, or 0.67 percent, to 2,786.24 and the Nasdaq Composite added 49.29 points, or 0.68 percent, to 7,261.06.
Source: The Edge
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