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 ...
The upcoming week is poised to be pivotal for global financial markets with a series of significant economic events across the globe. From the coronation of Malaysia’s new king to critical GDP releases and central bank decisions, investors and policymakers alike will have ample data to gauge the economic pulse worldwide.
China’s Economic Steering at the Third Plenum: Amidst its economic recalibration, China will host its Third Plenum, an event of monumental importance where key economic policies are expected to be unveiled. Scheduled from July 15-18, this plenum follows President Xi Jinping’s reinforced leadership position, with anticipated discussions on fiscal reforms and strategies to counteract global protectionism.
Global Central Bank Updates and Economic Indicators: The week also features important monetary decisions, with Indonesia’s central bank likely to maintain its interest rate at 6.25%. The European Central Bank’s policy decision on July 18 will also be crucial, with expectations leaning towards maintaining the current rates.
U.S. Economic Data and Corporate Earnings Season: In the U.S., the corporate earnings season gains momentum with major banks reporting early in the week, which could signal broader economic trends. Additionally, key economic data including June’s industrial production and the Federal Reserve’s Beige Book will offer further insights into the American economic landscape.
Conclusion: The forthcoming week offers a rich tapestry of economic events that will provide valuable insights into global economic trends and policy directions. Investors and market watchers will be keenly observing these developments to better understand the underlying economic currents and adjust their strategies accordingly.
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