KUALA LUMPUR (Dec 14): The FBM KLCI got off to a positive start this morning in line with the gains at most regional markets and inched towards the 1,740-point level.  

At 9.05am, the FBM KLCI added 0.49 points to 1,738.15.

The gainers included Hong Leong Bank Bhd, Advanced Packaging Technology (M) Bhd, Yinson Holdings Bhd, British American Tobacco (M) Bhd, Malaysia Airports Holdings Bhd, KESM Industries Bhd, Public Bank Bhd, Top Glove Corp Bhd, JF Technology Bhd and Kossan Rubber Industries Bhd.

Asian stocks edged higher on Thursday after the Federal Reserve delivered a much-anticipated interest rate hike but flagged caution about inflation, tempering expectations for future tightening, which weighed on the dollar and Treasury yields, according to Reuters.

As widely expected, the Fed raised rates for the third time this year on Wednesday while sticking to its projection for three rate increases next year, it said.

JF Apex Securities Research in a market preview said US markets rallied to record highs overnight after the Federal Reserve raised interest rate and lifted its 2018 GDP outlook, as well as progress in tax reform.

It said that earlier, European stocks tumbled due to decline in utility counters.

“On the local market, the FBM KLCI rose 8.09 points to 1737.66 points on foreign buying.

“The index has successfully breached the resistance of 1730 level and could extend its rebound towards 1750 points,” it said.