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 (July 8): The FBM KLCI finished 16.78 points or 1.07% higher at 1,583.50 today in heavy trading on liquidity-driven buying.
Trading volume across Bursa Malaysia rose to another record high at 11.81 billion shares, worth RM4.36 billion. The previous record was 11.21 billion shares, registered on May 18.
Gainers surpassed losers at 619 to 353, while 482 counters closed unchanged.
Inter-Pacific Securities Sdn Bhd head of research Victor Wan said there was strong buying interest as more investors shifted their funds to the market.
“The current low interest rates environment encourages investors to
pour money into the equity market, as elsewhere the returns are pretty
low,” Wan told theedgemarkets.com.
Bank Negara Malaysia yesterday announced another cut in the Overnight Policy Rate (OPR) by 25bps to 1.75%, a record low since the floor was set in 2004.
So far this year, the central bank has slashed the OPR four times for a cumulative 125bps reduction.
In a note today, Hong Leong Investment Bank Research said it is not discounting the possibility that BNM will cut the OPR by another 25 bps in September.
Top gainers among the KLCI component stocks were Hap Seng Consolidated Bhd (up 53 sen or 6.22% at RM9.05), Petronas Dagangan Bhd (up 72 sen or 3.55% at RM21) and CIMB Group Holdings Bhd (up 10 sen or 2.7% at RM3.80).
Elsewhere in Asia, stocks dithered as an increase in coronavirus cases in some parts of the world undermined prospects for a quick economic recovery while oil prices eased on oversupply fears, Reuters reported.
Japan's Nikkei 225 dipped 0.78% and South Korea's Kospi sank 0.24%. Hong Kong’s Hang Seng Index, however, gained 0.59% while the Shanghai Stock Exchange Composite Index rose 1.74%.
Source: The Edge
Bank Negara Malaysia yesterday announced another cut in the Overnight Policy Rate (OPR) by 25bps to 1.75%, a record low since the floor was set in 2004.
So far this year, the central bank has slashed the OPR four times for a cumulative 125bps reduction.
In a note today, Hong Leong Investment Bank Research said it is not discounting the possibility that BNM will cut the OPR by another 25 bps in September.
Top gainers among the KLCI component stocks were Hap Seng Consolidated Bhd (up 53 sen or 6.22% at RM9.05), Petronas Dagangan Bhd (up 72 sen or 3.55% at RM21) and CIMB Group Holdings Bhd (up 10 sen or 2.7% at RM3.80).
Elsewhere in Asia, stocks dithered as an increase in coronavirus cases in some parts of the world undermined prospects for a quick economic recovery while oil prices eased on oversupply fears, Reuters reported.
Japan's Nikkei 225 dipped 0.78% and South Korea's Kospi sank 0.24%. Hong Kong’s Hang Seng Index, however, gained 0.59% while the Shanghai Stock Exchange Composite Index rose 1.74%.
Source: The Edge
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