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 ...
Wall Street Recap
U.S. equities bounced back, recouping recent losses amid inflation relief:
- S&P 500: +1.09% to 5930.85
- Dow Jones: +1.18% to 42840.26
- Nasdaq: +1.03% to 19572.60
Key developments include:
- Berkshire Hathaway boosted its stake in Occidental Petroleum, acquiring $409.2 million worth of shares over three days.
- Trump Media & Technology (DJT.US) fell 6% after Donald Trump transferred 115 million DJT shares, valued at over $4 billion, to a revocable trust.
Bursa Market Insight
Malaysia’s FTSE Bursa Malaysia KLCI closed lower at 1591.41 (-0.54%):
- Top Gainer: PBBANK (1295.MY) up 2.19% to RM12.14
- Top Loser: PETDAG (5681.MY) down 4.23% to RM19.02
Corporate Highlights
1. Top Glove (TOPGLOV.MY)
- Swung to a net profit of RM5.47 million in 1QFY2025, reversing a loss of RM57.71 million a year ago.
- Revenue surged 79.5% to RM885.89 million, driven by glove sales projected to rise 60% in FY2025, benefiting from U.S. tariffs on Chinese gloves.
2. Kenergy (KENERGY.MY)
- FY2024 net profit surged 44.5% to RM19.22 million, with revenue up 15% to RM113.1 million.
- Strong 4QFY2024 performance included revenue growth of 23.1% q-o-q, attributed to increased industrial process plant sales.
3. Malaysia Airports Holdings Bhd (AIRPORT.MY)
- Khazanah Nasional Bhd and EPF's takeover offer of RM11 per share was deemed fair by Hong Leong Investment Bank.
- However, MAHB's non-interested directors recommended rejecting the bid as unfair and unreasonable.
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