FBM KLCI up on bargain hunting as Bursa share volume dips below two billion

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KUALA LUMPUR (March 19): The FBM KLCI closed 1.55 points or 0.1% higher as share trade volume across Bursa Malaysia fell below two billion. The KLCI erased losses to finish at 1,847.94 on bargain hunting and as Asian share markets ended mixed.

Japan's Nikkei 225 dropped 0.9%, South Korea's Kospi fell 0.76% while Hong Kong’s Hang Seng erased losses to close 0.04% higher.

Reuters reported that Asian share markets traded mixed on Monday as caution gripped investors in a week in which the Federal Reserve is likely to hike US interest rates and perhaps signal that as many as three more lie in store for the rest of the year. The Federal Reserve is scheduled to announce on Wednesday (March 21) the US' interest rate decision.

In Malaysia today, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com: “Market up because of the Friday close of the US Dow Jones Industrial Average, and the backdrop was generally okay for the global markets.”

Today, the KLCI closed higher after falling to its intraday low at 1,845.45. Pong said investors had bargain hunted for KLCI-linked telecommunication, banking and plantation stocks.

Across Bursa Malaysia, 1.94 billion shares worth RM1.68 billion were traded. On Friday, the bourse saw 2.88 billion shares worth RM4.26 billion transacted.