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 ...
S&P 500: Wiped out a 1% intraday gain, marking first such reversal since April amid Trump’s Aug 1 tariff deadline.
Magnificent Seven: Index hit all-time highs; Microsoft (MSFT) briefly topped US$4T market cap, Meta (META)surged 11%.
Apple (AAPL): Posted better-than-expected sales after-hours.
Amazon (AMZN): Guidance disappointed, weighing on sentiment.
Tariff Watch: Trump set to sign executive order on new tariff rates Friday; deals secured with EU, UK, Japan, South Korea; unilateral tariffs on India, Brazil; Mexico gets 90-day extension.
Pharma Under Pressure: Trump sent letters to 17 major drugmakers demanding US price cuts.
Bonds & FX: 10-year Treasury yield steady at 4.36%; Dollar rose for sixth day, capping best month of 2025; Yen weakened after dovish BOJ tone.
US Data: Core PCE inflation +0.3% MoM, +2.8% YoY; consumer spending barely rose, highlighting sticky inflation and cautious Fed stance.
Jobs in Focus: Markets eye July payrolls; unemployment expected to tick to 4.2% as hiring slows.
Analyst Take:
“Capital preservation or phasing-in strategies can be effective in navigating near-term volatility,” – UBS Global Wealth Management.
“Inflation remains sticky and justifies the Fed’s decision to keep rates unchanged,” – Bellwether Wealth.
“We are priced for perfection… a risk, but one the market may ignore as long as corporate profits are growing,” – Northlight Asset Management.
Key Theme: Markets are caught between strong tech earnings, tariff uncertainty, and sticky inflation as investors brace for the next major data point — July jobs report.
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