KLCI up at 11th hour after volatile trade

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KUALA LUMPUR (June 15): The FBM KLCI gained 1.85 points or 0.1% on bargain hunting following the index's recent losses. The KLCI's earlier losses were due to concerns on the UK's possible European Union (EU) exit and the US interest rate direction.

At 5pm, the KLCI closed at 1,627.96 points after swinging between negative and positive territories within an intraday range of 1,619.78 to 1,629.05 points. Yesterday, the KLCI fell 3.66 points.

Today, TA Securities Holdings Bhd research head Kaladher Govindan said the KLCI could hover between 1,620 and 1,640 points on uncertainties from the UK's possible EU exit, which is popularly known as Brexit.

The UK's Brexit referendum is on this June 23. Today, Kaladher said the US Federal Reserve's interest rate decision following a two-day meeting will be closely watched.

In Malaysia, he said: "The outcome of the by-election in Sungai Besar and Kuala Kangsar will also give us an indication on the sentiment on the ground." Both by-elections will be held this Saturday.

Today, Bursa Malaysia saw 409 decliners and 311 gainers. The bourse saw 1.53 billion shares worth RM1.45 billion traded.

Top gainer was Dutch Lady Milk Industries Bhd while the leading decliner was Carlsberg Brewery Malaysia Bhd. The top-active counter was Trive Property Group Bhd.

Across Asian share markets, Japan's Nikkei 225 rose 0.38% while Hong Kong's Hang Seng climbed 0.39%. South Korea's Kospi dipped 0.16%.  

Reuters reported that Asian shares were volatile on Wednesday as a US Federal Reserve policy decision later in the day and Brexit worries kept investors on edge, though China took in stride MSCI's decision not to include domestic Chinese equities in its indexes.