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Market Daily Report: Bursa Malaysia's Key Index Ends At Intraday High

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 ...
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Market Daily Report: FBM KLCI lower after 11th-hour profit taking as market adjusts to new Malaysian government


 
KUALA LUMPUR (May 17): The FBM KLCI fell 3.82 points or 0.2% on  profit taking in the final trading minutes and as markets adjusted to the new Malaysian government under Pakatan Harapan.
Fund managers said there was foreign selling of local shares.

At 5pm, the KLCI closed at 1,854.44 points after investors sold KLCI-linked stocks Astro Malaysia Holdings Bhd and AMMB Holdings Bhd. Other KLCI-linked decliners included Telekom Malaysia Bhd and YTL Corp Bhd.

The KLCI closed lower after rising to its intraday high at 1,867.09 points.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said the market still needs time to digest new policies by the new Malaysian government. Wong said there was still foreign selling of local shares as foreign investors do not like uncertainty.

“They have been reducing some of their stocks. This may be due to uncertainty in the Malaysian market which they do not like. However it may also be due to external factors such as higher US treasury yields (which) impacted flow of funds,” Wong told theedgemarkets.com.

Across Bursa Malaysia, 3.33 billion shares worth RM3.78 billion were traded. Top decliners included George Kent (M) Bhd and My E.G. Services Bhd.



Source: The Edge
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