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 ...
Market Daily Report: FBM KLCI up 11.34 points on improved sentiment despite lingering China-US trade concerns
KUALA LUMPUR (Aug 7): The FBM KLCI rose 11.34 points or 0.64% today as Asian shares took cue from China's share rise and global crude oil price gains. US equities' overnight advance also supported Asian stocks today.
At Bursa Malaysia, the KLCI finished at 1,791.09 points. Analysts said investor sentiment appeared to have improved amid Malaysia's current corporate financial reporting season and as foreign investors became net buyers of local shares.
“Corporate results have been within expectations, they are looking quite alright for a start and have generally showed improvements from the previous quarter,” Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com.
Lau observed that foreign investors’ confidence seemed to have returned as they were net buyers of Malaysian shares today, although the trade tension between the US and China persisted.
Across Bursa Malaysia, 2.53 billion shares worth RM2.33 million were crossed. Top gainers included oil and gas entities Petronas Gas Bhd and Hengyuan Refining Co Bhd.
Asian bourses closed higher. In China, the Shanghai Stock Exchange Composite and Hong Kong’s Hang Seng rose 2.74% and 1.54% respectively. Elsewhere in the region, Japan’s Nikkei 225 and South Korea’s Kospi finished 0.69% and 0.6% higher respectively.
Reuters reported that a rebound in battered Chinese stock markets on Monday helped lift Asian equities, which also drew support from earnings-led gains on Wall Street in a welcome relief for investors grappling with an intensifying Sino-US trade conflict.
It was also reported that oil prices rose on Tuesday with revived US sanctions against major crude exporter Iran expected to tighten global supply. Brent crude oil futures were up 50 cents to US$74.25 per barrel at 0928 GMT and US West Texas Intermediate (WTI) crude futures were up 29 cents at US$69.30 a barrel.
Source: The Edge
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