Friday 29 Mar 2024
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KUALA LUMPUR (June 15): The FBM KLCI fell 2.34 points or 0.1% with Asian share markets after the US raised interest rates by a quarter of a percentage point to between 1% and 1.25%.

Higher US interest rates do not bode well for Asian markets in anticipation that investors will shift their money into US dollar-based assets.

At Bursa Malaysia, the KLCI closed at 1,790.01 points at 5pm on late selling of Malaysian shares as the ringgit weakened against a strengthening US dollar.
 
At about 5.30pm, the ringgit weakened to 4.2670 against the US dollar. The US Dollar Index, which measures the value of the US dollar against a basket of foreign currencies, rose to 97.201.

Across Asian share markets, Japan's Nikkei 225 fell 0.26%,
while Hong Kong’s Hang Seng dropped 1.2%.

In Malaysia, Mercury Securities Sdn Bhd research head Edmund Tham told theedgemarkets.com that investors were cautious on the market after the US rate hike.
 
“I think the rate hike by the US Federal Reserve was not taken as positive news, even though it was expected,” said Tham.
 
Bursa Malaysia saw 1.99 billion shares worth RM2.27 billion traded. There were 346 gainers and 541 decliners.

Anzo Holdings Bhd was the most-active stock with some 117 million shares traded. Anzo shares fell two sen to 19.5 sen.

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