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Thursday, January 5, 2017

Market Daily Report: FBM KLCI gains 12.35pts as U.S. Fed buoys sentiment

KUALA LUMPUR (Jan 5): The FBM KLCI gained 12.35 points or 0.7% with Asian shares after the U.S. Federal Reserve's latest meeting minutes indicated faster U.S. economic growth, when Donald Trump becomes president.

Trump's inauguration as U.S. President will be held this Jan 20. Trump's election win has led to anticipation of higher U.S. inflation, due to his planned expansionary fiscal policies.

At Bursa Malaysia today, the KLCI closed at its intraday high at 1,659.82 points. Bursa Malaysia saw 2.51 billion shares, worth RM1.85 billion traded.

Elsewhere, Hong Kong's Hang Seng gained 1.46%.

Reuters reported minutes from the Federal Reserve's December meeting showed almost all Fed policymakers thought the U.S. economy could grow more quickly, after Trump becomes president.
In Malaysia, JF Apex Securities Bhd senior analyst Lee Cherng Wee told that from a technical viewpoint, the KLCI had broken away from its downtrend.

“Current resistance level would be 1,660 points. The index’s movement will depend on whether it can break this level," Lee said.

Source: The Edge

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