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 (April 26): The FBM KLCI closed 0.34 point higher on bargain hunting after tumbling with China shares. Reuters reported that China stocks tumbled on Thursday as investors were spooked by a US probe of Huawei, triggering a sell-off in tech firms as trade tensions between Beijing and Washington simmered just below the surface.
Meanwhile, global market concerns on rising US government bond or treasury yields at above 3% remain. In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that there is still concern on rising US government bond yields.
“Now, not only that we’re seeing that the 10-year US bond yield is high, but also the short-term [interest rates] are also picking up,” Wong said. He noted that this indicates concern about potential inflation and interest rate hike.
At Bursa Malaysia, the KLCI closed at 1,852.27 at 5pm after tumbling to its intraday low at 1,846.54. The KLCI had earlier risen to its intraday peak at 1,863.57.
In China, the Shanghai Stock Exchange Composite fell 1.38% while Hong Kong's Hang Seng was 1.06% lower.
Elsewhere, Japan's Nikkei 225 rose 0.47% while South Korea's Kospi was up 1.1%.
Reuters reported that Asian stocks were supported on Thursday by robust corporate earnings that helped Wall Street quell concerns about the surge in US bond yields. However, sagging Chinese shares limited the upside potential of the market.
It was reported that US prosecutors in New York have been investigating whether Chinese technology company Huawei violated US sanctions in relation to Iran, according to sources familiar with the situation. Since at least 2016, US authorities have been probing Huawei's alleged shipping of US-origin products to Iran and other countries in violation of US export and sanctions laws, two of the sources said.
Source: The Edge
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