KUALA LUMPUR (Nov 9): The FBM KLCI fell 13.51 points or 0.78%, as Asian shares took cue from the US' plan to raise interest rates gradually.

At Bursa Malaysia, the KLCI settled at 1,707.91 at 12:30pm.

Reuters reported Asian stocks pulled back from a one-month high on Friday, as the U.S. Federal Reserve appeared poised to deliver another interest rate hike next month, paring gains made earlier this week, after US midterm elections triggered a global equities rally. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.1% and was headed for a loss of 1% for the week. 

It was reported that the Fed held interest rates steady on Thursday, but remained on track to continue, gradually raising borrowing costs, pointing to healthy economic prospects that were marred only by a dip in the growth of business investment. The central bank has hiked U.S. interest rates three times this year and is widely expected to do so again next month.

In Malaysia today, Hong Leong Investment Bank Bhd wrote in a note earlier: "While we think there could be further upside on KLCI as technicals are turning positive, profit-taking activities could emerge over the near term to digest the recent rebound, coupled with weaker oil prices and Moody’s downgrade on Petronas’ outlook (from stable to negative), as well as the ongoing reporting season [which] could provide negative surprises amid the sluggish business environment, after [a] few of the mega construction projects were being cancelled/postponed under the PH (Pakatan Harapan)-led government."