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 2): The FBM KLCI fell 10.18 points or 0.57% as the US-China trade war escalated after the US proposed a 25% tariff on US$200 billion worth of Chinese imports. At 5pm, the KLCI closed at 1,778.13 points.
Reuters reported today that US Trade Representative Robert Lighthizer said on Wednesday that President Donald Trump directed the increase from a previously proposed 10% duty because China refused to meet US demands and has imposed retaliatory tariffs on US goods.
It was reported that Trump's threats of higher tariffs weighed on China's financial markets. But Chinese Foreign Ministry spokesman Geng Shuang reiterated at a regular news briefing that the United States' efforts at "blackmail" would fail.
In Malaysia, Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee told theedgemarkets.com: "The volatility will continue until the markets have seen some clarity. Positive news first, then only can we see some upside."
Across Bursa Malaysia, 2.09 billion shares were traded for RM1.99 billion. Top decliners included KLCI-linked Hong Leong Financial Group Bhd and MISC Bhd.
Asian stock markets took cue from China's share slip. In China, the Shanghai Stock Exchange Composite dropped 2% while Hong Kong’s Hang Seng was down 2.21%.
Elsewhere, Japan's Nikkei 225 declined 1.03% while South Korea's Kospi fell 1.6%.
Source: The Edge
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