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 (Aug 28): The FBM KLCI continued with its strong momentum with sentiment further lifted by external optimism on news of the United States-Mexico trade deal.
The key index ended the day up 15.30 points or 0.84% to a new three-month high of 1,826.90.
On the broader market, decliners led gainers by 512 to 350, with 473 counters traded unchanged. About 2.57 billion shares worth RM2.29 billion were traded.
TA Securities technical analyst Stephen Soo said the market's rise was supported by buying in selected stocks such as Nestle (M) Bhd, which closed 70 sen higher, and Daiman Development Bhd, which closed up 65 sen.
Soo said the market will eventually come to a consensus regarding the US-Mexico trade deal, given that this would put China at a disadvantage.
"[News of the trade deal] has lifted US equities to a record high, but I believe the market is currently overshooting. So I believe a correction is due to more realistic levels," he told theedgemarkets.com.
Across the region, Japan's Nikkei breached 23,000 on the trade deal announcement before shedding most gains on profit taking, but still ending the day at its highest close since mid-June. The Nikkei closed the up 0.1% at 22,813.47.
China's Shanghai Stock Exchange Composite closed 0.1% lower at 2,777.98, while Hong Kong's Hang Seng closed higher by 0.28% at 28,351.62.
Source: The Edge
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