Thursday 28 Mar 2024
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KUALA LUMPUR (July 29): The FBM KLCI fell 5.27 points or 0.32% today to settle at 1,642.69 with Asian stock markets as investors awaited the widely-expected US interest rate cut this week and closely watch the planned US-China trade talks.

AirAsia Group Bhd shares were actively transacted as the stock traded ex-dividend. At 5pm, the KLCI cut losses after falling to its intraday low of 1,637.25.

Across Asian stock indices, Japan's Nikkei 225 closed down 0.19% while South Korea's Kospi fell 1.78%. In China, the Shanghai Stock Exchange Composite fell 0.12% while Hong Kong's Hang Seng declined 1.03%.

Reuters reported that Asian shares slipped on Monday as markets anxiously counted down to a likely cut in US interest rates this week with much riding on whether or not the Federal Reserve signals yet more are in the pipeline.

The report also said US and Chinese trade negotiators also meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations are low for a breakthrough.

In Malaysia today, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com the market is taking a wait-and-see approach now as investors looked ahead to the US interest rate decision and progress of US-China trade talks.

"Given (that) the US stock market already hit an all-time high, investors' sentiment are now looking at how far still the US stock (market) can rally, after the US announced GDP growth slowed to 2.1% in the second quarter this year," Wan said.

Across Bursa Malaysia today, decliners led gainers by 519 to 272 respectively.

Volume was 2.64 billion shares valued at RM1.72 billion.

Top decliners included British Tobacco (M) Bhd and Public Bank Bhd while leading gainers included Nestle (M) Bhd and MSM Malaysia Holdings Bhd.

The most-actively traded stocks included AirAsia Group shares, which traded ex-dividend today.

AirAsia, which plans to pay a special dividend of 90 sen a share, saw some 44 million shares transacted. Post 90 sen dividend adjustment on the share price, the stock closed up eight sen at RM2.03.

Tomorrow (July 30), Malaysian markets will be closed for a holiday in conjunction with Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah's installation as Yang di-Pertuan Agong.

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