KLCI up as investors watch US, Japan central banks

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KUALA LUMPUR (July 30): The FBM KLCI rose 1.12 points or 0.06% on bargain hunting and as investors anticipated Japan and the US central banks' monetary policy decisions this week.

At Bursa Malaysia today, the KLCI closed at 1,770.26 points at 5pm after volatile trade. Earlier, the KLCI rose to its intraday high at 1,770.47 points and fell to its intraday low at 1,764.28 points.

Reuters reported that the US Federal Reserve (Fed) meets on Tuesday and Wednesday and is widely expected to stand pat while reaffirming the outlook for further gradual rate rises. The market is almost fully priced for a hike in September and leaning towards a further move before year-end.

A Bank of Japan policy meeting that ends on Tuesday has taken on greater importance amid talk it could tweak its massive asset-buying campaign.

In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that "investors were cautious ahead of the Fed meeting”.

Across Bursa Malaysia, 2.2 billion shares worth RM2.03 billion were traded. Top gainers included Hong Leong Bank Bhd and Petronas Gas Bhd while top decliners included Malaysian Pacific Industries Bhd and BLD Plantation Bhd.