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 10): The FBM KLCI jumped 11.27 points or 0.6% after China President Xi Jinping struck a conciliatory tone in his speech today, in which he highlighted China's plan to widen market access for foreign investors, raise the foreign ownership limit in the automobile sector and protect intellectual property of foreign firms.
Reuters reported that US stock futures rallied, Asian equities bounced and the safe haven yen fell on Tuesday, as Xi Jinping promised to lower import tariffs on products including cars, helping soothe investor jitters over an escalating US-China trade row. Xi was speaking at the Boao Forum for Asia in Hainan province.
At Bursa Malaysia, the KLCI closed at 1,860.98 at 5pm. Trade volume across Bursa Malaysia was 3.73 billion shares worth RM2.71 billion. Yesterday, trade volume was 2.22 billion shares worth RM2.1 billion.
Across Asian share markets, Japan’s Nikkei 225 rose 0.54% while Hong Kong’s Hang Seng increased 1.65%.
In Malaysia, Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com that the stock market's gain is a recovery from a severely oversold position recently following concerns on the trade spat between US and China.
“The market movement today is a recovery from an oversold position seen in the last week. Chinese president Xi Jinping’s speech has given confidence to the market after concerns over a potential trade war led to a heavy selldown recently," Low said.
Source: The Edge
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