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 11): The FBM KLCI closed up 13.36 points or 0.93% after paring gains in afternoon trades as Asian equities fell in tandem with US stock futures amid persisting concerns over the global Covid-19 outbreak. Crude oil prices rose.
At 5pm, the KLCI closed up at 1,443.83 on gains in KLCI-linked stocks like MISC Bhd, Kuala Lumpur Kepong Bhd and PPB Group Bhd, all of which ended among Bursa Malaysia’s top gainers.
"The local market should extend recovery on hopes further stimulus measures from major global economies could cushion the adverse economic impact from the coronavirus outbreak,” TA Securities Holdings Bhd wrote in a note today.
The KLCI, which earlier today rose to its intraday high of 1,454, stood out after closing higher among Asian equities, which ended lower. Japan’s Nikkei 225 fell 2.27%, South Korea’s Kospi dropped 2.78% while Hong Kong’s Hang Seng was 0.63% lower.
Across Bursa Malaysia today, 4.47 billion shares were traded for RM2.86 billion.
Among top gainers, MISC is closely watched amid the Russia-Saudi Arabia crude oil price war and as crude oil prices rebounded. MISC’s share price closed up 48 sen or 6.84% at RM7.50.
Hong Leong Investment Bank Bhd’s research team wrote in a note today that "MISC emerges as our top pick for its resilient earnings profile backed by long-term time charters, while its spot tankers are potential beneficiaries from higher oil trading.”
Reuters reported that oil prices climbed for a second day on Wednesday as hopes that US producers would cut output lent support, but gains were capped by growing doubts about Washington’s stimulus package to fight the coronavirus, which continues to spread globally.
It was reported that Brent crude futures rose US$1.26, or 3.4%, to US$38.48 a barrel by 0418 GMT, while US West Texas Intermediate crude gained US$0.91, or 2.7%, to US$35.27 a barrel.
"They have recouped nearly a half of Monday’s 25% loss, which was triggered by the clash of oil titans Saudi Arabia and Russia,” Reuters reported.
Source: The Edge
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