Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 15): The FBM KLCI fell on profit taking after rising substantially yesterday and after analysts said the index is overbought. At 9am today, the KLCI dropped 2.24 points or 0.13% to 1,756.76 points. At 9:03am, the index was 4.43 points lower at 1,754.57 points.

Hong Leong Investment Bank Bhd analyst Loui Low Ley Yee said "after the steep rally over the past few trading days, stocks on the local front may take a breather over the near term as the KLCI is slightly overbought."

Yesterday, the KLCI rose 21.34 points or 1.23% to close at 1,759 points. The KLCI rose on banking stock gains amid fund managers' year-end window dressing. The ringgit strengthened to 4.0845 against the US dollar.

Analysts and remisiers said Malaysian banking shares rose yesterday on expectation that Bank Negara Malaysia will raise interest rates following the US Federal Reserve's interest rate hike on Wednesday.

 

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