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 (Feb 28): The FBM KLCI fell 15.26 points or 0.8% with Asian shares as investors responded to weaker China and Japan manufacturing data amid anticipation of speedier US interest rate hikes. At 5pm, the KLCI closed at 1,856.20.
Across Asia, Japan’s Nikkei 225 fell 1.44%. In China, Hong Kong’s Hang Seng dropped 1.36% while the Shanghai Stock Exchange Composite was 0.99% lower.
Reuters reported that China's official Purchasing Managers' Index (PMI) released on Wednesday fell to 50.3 in February, from 51.3 in January. But it remained just above the 50-point mark that separates growth from contraction on a monthly basis. In Japan, trade ministry data out on Wednesday showed factory output fell 6.6 percent in January from the previous month.
It was also reported that most emerging Asian currencies fell on Wednesday, while the dollar held firm near a three-week high after US Federal Reserve chairman Jerome Powell struck a hawkish tone in his Congressional testimony.
At Bursa Malaysia, the KLCI dropped as plantation stocks fell. Bursa Malaysia's plantation index declined 84.66 points or 1.05% to 7,991.47. Kuala Lumpur Kepong Bhd and PPB Group Bhd were among Bursa Malaysia top decliners.
Today also marks the conclusion of Malaysia's corporate financial reporting season for the October-to-December 2017 quarter. Rakuten Trade research vice president Vincent Lau said despite profit growth announced by key KLCI constituents, the broader picture failed to impress.
“It is a mixed bag, [the overall results] were not that great,” Lau told theedgemarkets.com.
Source: The Edge
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