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KUALA LUMPUR (July 9): The FBM KLCI has closed 5.23 points or 0.31% higher today on bargain hunting, after four straight days of losses as world markets trimmed expectations on the pace of US interest rate cuts.
In Malaysia, stock bargain hunting appeared to coincide with improved sentiment after Bank Negara Malaysia maintained the overnight policy rate (OPR) at 3% today. At 5pm, the KLCI closed at its intraday high of 1,682.87 after a spike in the final trading minutes.
"The rebound today in the KLCI should be because of the improved sentiment in the market as the central bank has maintained the OPR at 3%," Rakuten Trade Sdn Bhd deputy head of research Vincent Lau told theedgemarkets.com.
Among the 30 KLCI component stocks, Maxis Bhd was the top percentage gainer, closing 11 sen or 1.96% higher at RM5.71, followed by Press Metal Aluminium Holdings Bhd, which ended up six sen or 1.4% at RM4.36.
Malaysian shares had today bucked Asian equity market losses as world markets trimmed expectations on the pace of US interest rate cuts.
US rate cuts are seen boding well for Asian markets, in anticipation that fund managers will shift their money into higher-yielding Asian assets like currencies, stocks and bonds. But anticipation of a smaller-than-expected US rate cut tempers such positive sentiment.
Reuters reported that Asian stocks hovered around two-and-a-half week lows on Tuesday as expectations waned for a hefty interest rate cut by the US Federal Reserve (Fed) later this month, while technology companies retreated on Apple Inc's overnight drop. It was reported that investors rushed to scale back Fed rate cut expectations following unexpectedly strong gains in US jobs for June.
Source: The Edge
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