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 (Nov 22): Bursa Malaysia extended its downbeat mode for the second consecutive day on Tuesday (Nov 22) as market sentiment continued to be weighed by the latest developments in the local political scenario amid a weak external front.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 6.67 points to end trading at 1,441.29 compared with 1,447.96 on Monday.
The market bellwether opened 1.24 points easier at 1,446.72 and moved between 1,435.02 and 1,451.31 throughout the day.
Despite the weak opening, the FBM KLCI started the day higher on
bargain-hunting activities, but the momentum declined thereafter as
cautious sentiment emerged to curb investors’ risk appetite.
Market breadth was negative with decliners leading advancers 427 to 363, while 415 counters were unchanged, 1,093 untraded, and 14 others suspended.
Turnover increased marginally to 4.57 billion units worth RM2.11 billion versus 4.29 billion units worth RM2.5 billion on Monday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI remained in negative territory as investors were still wary amid the ongoing uncertainty over the formation of a new Government.
"We reiterate that sentiment on local equities will remain vigilant until a new Government is formed.
“While we have yet to receive updates on the formation of the new Government at this juncture, we maintain the FBM KLCI target for the week at between 1,430 and 1,450, with immediate support at 1,420 and resistance at 1,470,” he told Bernama.
The Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah has summoned the leaders of Pakatan Harapan and Perikatan Nasional for an audience at Istana Negara on Tuesday afternoon as no member of the Dewan Rakyat received a simple majority to be appointed as the prime minister as provided under Article 43(2)(a) of the Federal Constitution.
His Majesty advised the people to be patient and calm until the process of forming a new Government and the nomination of the 10th prime minister of Malaysia is completed.
Meanwhile, Asian equities were mixed as risk appetite was influenced by the sluggish overnight performance on Wall Street and renewed concern about an economic slowdown in China following its zero Covid-19 policy.
Among heavyweights on Bursa Malaysia, Public Bank Bhd trimmed four sen to RM4.29, IHH Healthcare Bhd fell four sen to RM5.92, Malayan Banking Bhd (Maybank) was flat at RM8.54, and CIMB Group Holdings Bhd was unchanged at RM5.51.
Petronas Chemicals Group Bhd rose six sen to RM8.70, and Tenaga Nasional Bhd (TNB) gained three sen to RM8.44.
As for the actives, Advance Synergy Bhd perked up two sen to 18 sen, Eden Inc Bhd was down two sen to 17.5 sen, Malayan United Industries Bhd was flat at 10 sen, and Dagang NeXchange Bhd rose four sen to 61 sen.
On the index board, the FBM Emas Index was 27.64 points lower at 10,247.16, the FBMT 100 Index declined 28.37 points to 9,976.63, and the FBM Emas Shariah Index dipped 28.23 points to 10,379.26.
The FBM 70 increased 36.68 points to 12,203.63, and the FBM ACE gained 19.93 points to 4,972.43.
Sector-wise, the Industrial Products and Services Index slipped 0.07 of-a-point to 178.85, the Financial Services Index fell 35.87 points to 16,171.91, while the Energy Index perked up 2.91 points to 729.28, and the Plantation Index bagged 3.05 points to 6,842.22.
The Main Market volume expanded to 3.94 billion shares worth RM1.94 billion from 3.60 billion shares worth RM12.33 billion on Monday.
Warrants turnover declined marginally to 320.19 million units valued at RM58.11 million from 322.42 million units valued at RM46.07 million on Monday.
The ACE Market volume slid to 312.46 million shares worth RM115.94 million from 363.97 million shares worth RM121.19 million previously.
Consumer products and services counters accounted for 2.47 billion shares traded on the Main Market, industrial products and services (339.78 million), construction (29.88 million), technology (210.51 million), SPAC (nil), financial services (57.43 million), property (192.28 million), plantation (20.59 million), REITs (6.43 million), closed/fund (nil), energy (83.39 million), healthcare (92.88 million), telecommunications and media (15.92 million), transportation and logistics (34.74 million), and utilities (386.03 million).
Source: The Edge
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