FBM KLCI stays bullish ahead of Fed decision

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KUALA LUMPUR: Bursa Malaysia is keeping the rally going for a fifth consecutive day as investor optimism remains buoyed by policy announcements in China.


The market is also optimistic that the US Federal Reserve will announce its final rate hike at the upcoming policy meeting.

At present, the CME FedWatch tool has analysed a 79.2% probability that the central bank will end its rate hikes after a final increase of 25 basis points.

While Malaysia’s blue chips sustained a rally, the lower liners were seen dipping with 450 decliners compared to 378 gainers. Trading volume was 2.25 billion shares valued at RM1.07bil.

At 12.30pm, the benchmark FBM KLCI was up 6.77 points to 1,443.56 with PETRONAS Chemicals leading the gains after jumping 19 sen to RM6.95.

Most bank stocks were also positive including CIMB up six sen to RM5.49, Hong Leong Bank adding 32 sen to RM19.50 and Public Bank rising one sen to RM4.06.

Among technology-related counters, Globetronics dropped 13 sen to RM1.47 following a disappointing earnings announcement, while KESM shaved 10 sne to RM7.30 and Hextar Technologies slid 26 sen to RM26.50.


The top traded counters were Hong Seng unchanged at 9.5 sen, UEM Sunrise surging 9.5 sen to 56 sen and ACE Market debutant Daythree Digital, up 33 sen to 63 sen.

Meanwhile, China’s markets retreated from the previous day’s rally as investors stayed cautious over Beijing’s promise to shore up support for China’s ailing economy.

China’s main market was down 0.35% to 3,220 and Hong Kong’s Hang Seng slid 0.8% to 19,280.

Japan’s Nikkei was little changed at 32,696 while South Korea’s Kospi dropped 0.7% to 2,618.

– The Star

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