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KUALA LUMPUR (July 22): The FBM KLCI index closed a marginal 0.17% lower today to 1,655.40 points, in line with regional markets weathering uncertainties stemming from a number of factors, including the US-China trade war, US Federal Reserve rate cut, and an increase in oil prices.
A total of 2.65 billion shares were traded across Bursa Malaysia today, worth RM1.544 billion.
Top actives included Sapura Energy Bhd, KNM Group Bhd and Green Packet Bhd. Top gainers included Pentamaster Corp Bhd, United Plantations Bhd, and Kuchai Development Bhd, while British American Tobacco (Malaysia) Bhd, Batu Kawan Bhd and Ayer Holdings Bhd topped the losers’ list.
There were 284 advancers and 461 decliners, while 488 counters finished unchanged.
As of 9:05 GMT, WTI Crude rose 1.76% or 98 cents to US$56.72 a barrel.
In China, the Shanghai Composite fell 1.27% or 37.23 points to 2,886.97, while Hong Kong’s Hang Seng Index slipped 1.28% or 48.95 points to 3,773.67.
Smaller declines were posted by Japan’s Nikkei 225 of 0.23% or 50.20 points to 21,416.79, and South Korea’s Kospi Index of 0.05% or 1.02 points to 2,093.34.
Rakuten Trade Sdn Bhd deputy head of research Vincent Lau said the bourse’s dip was in line with regional markets, ahead of the Fed’s Open Market Committee Meeting on July 30-31, 2019.
“Other uncertainties such as the US-China trade war, are also present,” he said.
Reuters had reported Asian stocks had fallen today, as investors now expect more tepid rate cuts by the Feds.
In terms of the quantum of a prospective cut by the Fed, Bloomberg had reported that the Fed is expected to cut US interest rates by 25 basis points, leaving open the possibility of further cuts to sustain the US’ economic expansion.
Crude oil prices have risen on the back of escalating tensions in the Middle East, following Iran’s seizure of a British tanker in the Strait of Hormuz.
Source: The Edge
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