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 (Nov 22): The FBM KLCI rose 0.25 point or 0.01% to close at 1,695.62 after volatile trade amid concerns on rising US interest rates besides global trade tension and economic growth.
At 5pm, the KLCI closed at 1,695.62 after rising to its intraday high at 1,701.74 and falling to its intraday low at 1,689.03.
CIMB Research analyst Nick Foo Mun Pang said CIMB expects the KLCI to see sideways movement in the near term, until there is greater clarity on the market’s direction. “The index will see a range bound move until a clear breakout either up or down takes place,” Foo wrote in a note today.
Across Bursa Malaysia today, 1.75 billion shares worth RM1.44 billion were exchanged. Top gainer was Fraser & Neave Holdings Bhd while leading decliner was Pos Malaysia Bhd.
Rising US interest rates, besides global trade tension and economic growth concerns dictated Asian share trades. Reuters reported that Asian shares seesawed in cautious trading on Thursday with China extending losses as investors worried about slowing global growth in the face of rising US interest rates and trade tensions.
It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan were last up 0.2 percent, recouping earlier losses. The index has managed to hold up so far in November after three straight monthly declines, but is on track for its worst annual performance since 2011.
In the US today (Nov 22), markets will be closed for the Thanksgiving holiday. In Malaysia tomorrow (Nov 23), the Statistics Department is scheduled to announce the country's inflation numbers.
Source: The Edge
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