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 (March 27): The FBM KLCI continued to head south today in the absence of positive catalysts to spark buying interest.
The benchmark index closed at the lowest level this year at 1,642.73 points today, down 7.21 points or 0.44%, after it had hovered between 1,641.89 points and 1,650.22 points.
Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that while the Malaysian market is expected to remain volatile in the near term, investors could look for buying opportunities for companies that have a positive outlook.
“The local market remained under pressure despite overnight rebound at Dow Jones Industrial Average, because there is not much catalyst, so the near-term prospect is largely depending on external factors.
“The inverted yield curve is still there and we expect the market to
remain volatile for a while, but we see some opportunity now as the
market was down from its recent high,” Wong said.
He added that there are undervalued stocks with good fundamentals that are worth a second look.
In the domestic market, Bursa Malaysia saw 2.07 billion shares worth RM1.71 billion traded with 393 gainers versus 404 losers, while 365 counters remained unchanged.
Notable gainers included Lafarge Malaysia Bhd and Rapid Synergy Bhd, while losers included Public Bank Bhd and Genting Bhd.
Iris Corp Bhd was the most actively traded counter today with 97.83 million shares traded.
Reuters reported that most Southeast Asian markets are down today as investors remained concerned about a potential recession in the US, with Philippines declining to a one-week trough.
It added that sentiment remained cautious although the 10-year US Treasuries yield rose as high as 2.432% from Monday's 15-month low.
The inverted yield curve has spooked the global equity markets as such a situation preceded US recessions in the past.
Japan’s Nikkei fell 0.23% today, together with South Korean Kospi, which declined 0.15%, while Hong Kong Hang Seng Index gained 0.56%.
Source: The Edge
He added that there are undervalued stocks with good fundamentals that are worth a second look.
In the domestic market, Bursa Malaysia saw 2.07 billion shares worth RM1.71 billion traded with 393 gainers versus 404 losers, while 365 counters remained unchanged.
Notable gainers included Lafarge Malaysia Bhd and Rapid Synergy Bhd, while losers included Public Bank Bhd and Genting Bhd.
Iris Corp Bhd was the most actively traded counter today with 97.83 million shares traded.
Reuters reported that most Southeast Asian markets are down today as investors remained concerned about a potential recession in the US, with Philippines declining to a one-week trough.
It added that sentiment remained cautious although the 10-year US Treasuries yield rose as high as 2.432% from Monday's 15-month low.
The inverted yield curve has spooked the global equity markets as such a situation preceded US recessions in the past.
Japan’s Nikkei fell 0.23% today, together with South Korean Kospi, which declined 0.15%, while Hong Kong Hang Seng Index gained 0.56%.
Source: The Edge
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