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 (July 30): The FBM KLCI rose 1.12 points or 0.06% on bargain hunting and as investors anticipated Japan and the US central banks' monetary policy decisions this week.
At Bursa Malaysia today, the KLCI closed at 1,770.26 points at 5pm after volatile trade. Earlier, the KLCI rose to its intraday high at 1,770.47 points and fell to its intraday low at 1,764.28 points.
Reuters reported that the US Federal Reserve (Fed) meets on Tuesday and Wednesday and is widely expected to stand pat while reaffirming the outlook for further gradual rate rises. The market is almost fully priced for a hike in September and leaning towards a further move before year-end.
A Bank of Japan policy meeting that ends on Tuesday has taken on greater importance amid talk it could tweak its massive asset-buying campaign.
In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that "investors were cautious ahead of the Fed meeting”.
Across Bursa Malaysia, 2.2 billion shares worth RM2.03 billion were traded. Top gainers included Hong Leong Bank Bhd and Petronas Gas Bhd while top decliners included Malaysian Pacific Industries Bhd and BLD Plantation Bhd.
Source: The Edge
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