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 (Feb 2): The FBM KLCI finished 14.09 points or 0.9% higher at 1,580.49 points today, lifted by oil and gas (O&G) as well as glove heavyweights.
The index rose to a high of 1,585.18 points earlier.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the market was mainly lifted by heavyweights in the O&G and glove sectors due to higher oil prices and positive corporate results.
“The market was slightly on the positive note today, but we saw some profit-taking activities after news of the novement control order (MCO) being extended until Feb 18,” he said.
He expects the market to continue to be range-bound this week as the MCO expansion continues to curb market sentiment.
Across Bursa, 6.63 billion securities were traded for RM5.12 billion, compared with 6.53 billion securities worth RM6.37 billion last Friday.
Losers led gainers by 670 to 502, while 435 counters closed unchanged.
Glove stocks continued to see buying interest from retail investors. Top Glove Corp Bhd rose 31 sen or 4.6% to RM7.05; Supermax Corp Bhd climbed 28 sen or 4.12% to RM7.08; and Hartalega Holdings Bhd gained 44 sen or 3.42% to RM13.30.
Meanwhile, the top gainers were led by Malaysian Pacific Industries Bhd, which surged RM1.30 or 3.94% to RM34.30. This was followed by Petronas Dagangan Bhd (PetDag), which leapt 60 sen or 3.1% to RM19.96, and Kuala Lumpur Kepong Bhd (KLK), which added 56 sen or 2.41% to RM23.80.
The top losers, on the other hand, were led by Amtel Holdings Bhd, which slipped 42 sen or 10.19% to RM3.70. This was followed by UWC Bhd, which tumbled 40 sen or 3.13% to RM12.38, and Toyo Ventures Holdings Bhd, which lost 39 sen or 13.93% to RM2.41.
Reuters reported that Asian stocks rose today as signs of progress in US stimulus talks boosted Wall Street overnight.
Japan’s Nikkei 225 closed 0.97% higher at 28,362.17 points; South Korea’s KOSPI ended 1.32% higher at 3,096.81 points; and Hong Kong’s Hang Seng Index finished 1.23% higher at 29,248.7 points.
Source: The Edge
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