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 ...
Chinese stocks rallied Friday as investors anticipated stronger growth stimulus measures ahead of a key policy meeting, offsetting broader regional caution before the release of critical U.S. jobs data.
Key Market Moves:
- China's CSI 300 Index: Gained up to 1.8% as traders bet on fresh economic support from the upcoming Central Economic Work Conference.
- Hong Kong's Hang Seng Index: Jumped 1.6%.
- Regional Trends: While Chinese stocks provided a bright spot, indices in Japan, South Korea, and Australia posted declines. The broader Asian equities gauge rose 0.1%.
Global Highlights:
- U.S. Market Influence: Wall Street's S&P 500 and Nasdaq 100 both saw their first declines in five sessions, down 0.2% and 0.3%, respectively.
- U.S. Job Market: Jobless claims rose to a one-month high, with November payroll growth estimated at 220,000, a rebound from disruptions in October.
Other Regional Developments:
- South Korea: The won recovered from earlier declines after assurances from the Army Special Forces Commander about rejecting potential martial law orders. South Korea's benchmark stock index fell 0.7%.
- Japan: The yen remained stable after base salaries for workers rose by a record, reflecting economic shifts.
Commodities and Cryptocurrencies:
- Oil: Flat after OPEC+ delayed production increases. West Texas Intermediate crude traded near $68.89 a barrel.
- Gold: Rose 0.3% to $2,639.81 an ounce.
- Bitcoin: Pulled back from a record high, trading at $97,548, following news of a crypto and AI czar appointment in the U.S.
U.S. Rates Outlook:
With a December Federal Reserve rate cut nearly priced in at 70%, analysts expect Friday's payroll data to influence markets. According to TD Securities, stronger job growth could prompt short-term volatility but is unlikely to shift the Fed's near-term trajectory significantly.
Upcoming Key Events:
- Eurozone GDP: Friday.
- U.S. Jobs Report and Consumer Sentiment: Friday.
Market Data Snapshot:
- Currencies: Yen rose 0.2% to 149.79 per dollar; offshore yuan up 0.2% at 7.2609 per dollar.
- Bonds: U.S. 10-year Treasury yields steady at 4.17%.
- Asian Stocks: Nikkei 225 futures fell 0.8%; Australia's ASX 200 dropped 0.5%.
This story reflects the optimism in Chinese markets amid regional caution, setting the stage for a critical week of global economic developments.
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