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 ...
Top Glove Corp finished 3.92% or 33 sen higher at RM8.76, valuing the company at RM71.7 billion, while Hartalega was up 7.63% or RM1.24 at RM17.50, giving a market capitalisation of RM59.98 billion.
The broader market was however lower, with 647 counters posting declines against 330 gainers, while 458 counters closed unchanged.
Rakuten Trade Research vice president Vincent Lau said the overall performance of the market was one defined by caution, except for healthcare stocks which continued to attract interest amid rising Covid-19 cases worldwide.“Investors are currently cautious at the moment. It is the confluence
of the loan moratorium ending, fears over another lockdown and Trump’s
positive Covid-19 diagnosis on futures that are weighing on investor
sentiment,” Lau said.
Trading volume across the bourse stood at 5.48 billion shares, worth RM4.09 billion.
Elsewhere in Asia, the Shanghai Composite was down 0.2% or 6.31 points to 3,218.05, Hong Kong’s Hang Seng fell 0.79% or 183.52 points to 23,459.05, Japan’s Nikkei 225 dropped 0.67% or 155.22 points at 23,029.90, and Singapore’s Straits Times Index 0.33% or 8.16 points lower at 2,492.58. South Korea’s Kospi managed to rise 0.86% or 19.81 points to 2,327.89.
According to Reuters, global stock markets sneezed today,
after US President Donald Trump, alongside his wife Melania Trump, had
tested positive for the virus.
“Early losses in Singapore and Indonesian stock markets deepened after
the news of Trump's positive test, as stock markets globally took a hit
from the additional uncertainty it generated around November's vote,” it
reported.
Source: The Edge
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