FBM KLCI down amid renewed caution ahead of US Fed meet

FBM KLCI down amid renewed caution ahead of US Fed meet
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KUALA LUMPUR (Sept 19): The FBM KLCI slid 0.39% today, as renewed caution shadowed the market ahead of the two-day US Federal Reserve policy meeting, which will begin later today.

On market close, the KLCI settled at 1,776.66 points, down seven points.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the mood turned cautious as investors are waiting for updates from the Fed meet for clues on its plans to pare its balance sheet.

The market has largely been in the negative zone throughout the trading day. "The lower liners were also in the negative, in tandem with the local board," said Leong.

Across the board, Bursa Malaysia saw 2.01 billion shares worth RM1.92 billion traded. Decliners led gainers by 485 to 309.

Panasonic Manufacturing Malaysia Bhd topped the gainers list, closing 2.72% higher at RM38.50, while CIMB Group Holdings Bhd led the decliners as it fell 3.44% to close at RM6.46.

Hubline Bhd was the most active counter, with over 191.14 million shares traded. It closed 8.33% higher at 6.5 sen.

Across Asia, Japan's Nikkei 225 was up 1.96%; South Korea's Kospi fell 0.09% while Hong Kong's Hang Seng slid 0.38%.

Reuters reported that Japan's Nikkei share average surged 2% on Tuesday to hit its highest close in more than two years as investors drew confidence from a weakening yen and gains on Wall Street, while hopes of a snap election underpinned the market.