Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
KUALA LUMPUR (Sept 27): The FBM KLCI fell 0.08 point to settle at 1,798.64 points with Asian shares after the US Federal Reserve (Fed) raised interest rates.
At 5pm, the KLCI cut losses after falling to its intraday low at 1,793.83 points. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the KLCI was, however, supported by rising crude oil prices at above US$80 a barrel.
“(At Bursa Malaysia) the sentiment was quite negative today. Both FBM Small Cap and ACE (indices) were in the red most of the day, mainly affected by the Fed’s move to raise interest rates.
"It was not just us, most emerging markets were declining today. This trend is likely to persist in the near term,” Leong said.
Across Asian stock markets, Japan’s Nikkei 225 fell 0.99% while Hong Kong's Hang Seng declined 0.36%. Bloomberg reported that stocks in Europe and Asia fell Thursday as investors digested the likelihood of more Federal Reserve interest-rate increases stretching into next year.
Earlier today, Reuters reported that the Federal Reserve raised interest rates on Wednesday and left intact its plans to steadily tighten monetary policy, as it forecast that the US economy would enjoy at least three more years of growth.
It was reported that in a statement that marked the end of the era of "accommodative" monetary policy, Fed policymakers lifted the benchmark overnight lending rate by a quarter of a percentage point to a range of 2.00 percent to 2.25 percent. It was reported that the US central bank still foresees another rate hike in December, three more next year, and one increase in 2020.
Source: The Edge
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