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 (June 23): The FBM KLCI pared losses for a 4.2-point or 0.28% drop to 1,507.04 at market close today after US President Donald Trump said the US-China trade deal was "fully intact” in an effort to clarify earlier confusing statements from the White House on the status of the agreement.
At 5pm, the KLCI pared losses after falling to its intraday low at 1,492.32 in line with major global stock indices, which however erased losses when markets closed.
Japan’s Nikkei 225 ended 0.5% higher while South Korea’s Kospi finished up 0.21%. In China, the Hang Seng rose 1.62% while the Shanghai Stock Exchange Composite climbed 0.18%.
In Malaysia, Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com the KLCI started with a big drop this morning, mirroring regional sentiment which turned negative after White House trade adviser Peter Navarro said the trade deal with China was “over”.
It was reported that Navarro had linked the breakdown in part to
Washington's anger over Beijing not sounding the alarm earlier about the
coronavirus outbreak.
It was reported that Navarro's statement prompted a selloff across equities markets but sentiment quickly recovered when Navarro, an outspoken critic of China, said his remarks had been taken out of context.
It was reported that Trump also soothed nerves when he tweeted: "China trade deal is fully intact. Hopefully they will continue to live up to the terms of the agreement.”
Across Bursa today, 8.75 billion shares worth RM2.98 billion were traded. Low noted that share prices of electronics manufacturing service providers closed higher today.
The list includes ATA IMS Bhd, which rose eight sen or 6.56% to RM1.30, while SKP Resources Bhd ended up three sen or 2.22% at RM1.38.
“This is due to reopening of the economy. Overall, they are moving towards reopening of activities, as their stocks (share prices) were most battered down during the movement control order period. It’s a catch-up play,” Low said.
Source: The Edge
It was reported that Navarro's statement prompted a selloff across equities markets but sentiment quickly recovered when Navarro, an outspoken critic of China, said his remarks had been taken out of context.
It was reported that Trump also soothed nerves when he tweeted: "China trade deal is fully intact. Hopefully they will continue to live up to the terms of the agreement.”
Across Bursa today, 8.75 billion shares worth RM2.98 billion were traded. Low noted that share prices of electronics manufacturing service providers closed higher today.
The list includes ATA IMS Bhd, which rose eight sen or 6.56% to RM1.30, while SKP Resources Bhd ended up three sen or 2.22% at RM1.38.
“This is due to reopening of the economy. Overall, they are moving towards reopening of activities, as their stocks (share prices) were most battered down during the movement control order period. It’s a catch-up play,” Low said.
Source: The Edge
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