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 7): The FBM KLCI closed in the positive territory today after gaining traction in the final trading hour, before closing up 6.08 points, thanks to gains made by Malaysia Airports Holdings Bhd (MAHB).
"The index hovered mostly in positive territory today, underpinned mainly by gains by MAHB after it had recovered most of the previous session's sell down following the government's announcement of a proposed first airport REIT," Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com when contacted.
MAHB rose 7.23% or 55 sen to close at RM8.16, after 5.55 million shares were done. The counter declined on Monday after the government said it intends to set up the world's first "airport real estate investment trust (REIT)" when tabling the recent Budget 2019 last Friday.
At 5pm, the FBM KLCI settled at 1,714.88 points, with 2.32 billion shares traded for a value of RM2.5 billion. Gainers led losers at 386 versus 353, with 448 unchanged.
Regionally, the index also outperformed other indexes said Leong, which had been impacted by the US midterm elections.
Reuters wrote that Japan's Nikkei ended lower in volatile trade as investors assessed the policy impact of the US polls, in which Democrats wrestled control of the House of Representatives from the Republicans.
It said Nikkei's share average fell 0.3% to 22,085.8 points, after traversing positive and negative territories.
The Shanghai Stock Exchange Composite Index similarly fell 0.68% to 2,641.34 points; the Hong Kong Hang Seng Index gained 0.1% to 26,147.69 points.
Looking ahead, Leong said market movement will be impacted by the release of corporate earnings in the coming two to three weeks.
Source: The Edge
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