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KUALA LUMPUR (July 23): The FBM KLCI closed 0.27 point or 0.02% higher at 1,655.67, after Asian share markets rose on expectation the US Federal Reserve and European Central Bank will cut interest rates.
The KLCI had earlier risen to its intraday high at 1,658.35 and fell to its intraday low at 1,654.02. At 5pm, the KLCI pared gains due the lack of fresh catalysts, analysts said, as central bank easing is no longer a fresh theme.
Across Asian stock indices today, Japan’s Nikkei 225 closed up 0.95% while South Korea’s Kospi gained 0.39%. In China, the Shanghai Stock Exchange Composite rose 0.45% while Hong Kong’s Hang Seng climbed 0.34%.
Reuters reported expectations that the European Central Bank and Federal Reserve will cut interest rates, boosted stocks globally, while the pound sagged on worries that likely new prime minister Boris Johnson would lead Britain into a no-deal exit from the European Union.
But with central bank easing no longer a fresh theme, market gains were limited, Reuters reported.
"The likelihood of easing by the Fed is supportive for equity markets, but the probability of a 25 basis point rate cut has already been factored in, for the most part," Soichiro Monji, senior strategist at Sumitomo Mitsui DS Asset Management, was quoted as saying.
In Malaysia, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the KLCI's upside remains capped due to the lack of a fresh catalysts.
“KLCI registered minor gain today, after trading in a lacklustre manner, as gains were capped by the lack of fresh catalysts,” Leong said.
Across Bursa Malaysia today, trading volume stood at 2.77 billion shares, worth RM2.02 billion.
Top gainers included MBM Resources Bhd and Heineken Malaysia Bhd. Top-active counters included NetX Holdings Bhd and Bumi Armada Bhd.
Source: The Edge
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