Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Dec 15): The focus today may be on the sustainability of the FBM KLCI's substantial gain yesterday amid fund managers' year-end window dressing.

To window dress, fund managers dispose shares with substantial losses and buy rising equities to improve their funds' performance.

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 on expectation that Bank Negara Malaysia will raise interest rates following the US Federal Reserve's interest rate hike on Wednesday.

Reuters reported that the US central bank raised rates by a quarter of a percentage point to a range of 1.25% to 1.5%. It was the third rate hike this year. But the Fed's forecast of three additional rate increases in 2018 and 2019 was unchanged from its projections in September.

 

 

      Print
      Text Size
      Share