Friday 29 Mar 2024
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KUALA LUMPUR (March 16): The FBM KLCI was up 2.51 points or 0.15% to close at 1,693.43 points at 5pm today, as investors await the outcome from the conclusion of the two day Federal Open Market Committee (FOMC) meeting.

Maybank Investment Bank Regional Chartist Lee Cheng Hooi said the meeting of the FOMC, which is the monetary policymaking body of the US Federal Reserve, is the all-important indicator to global market direction.

“[At present], there is no other catalysts [for the KLCI] other than the Fed meeting,” he told theedgemarkets.com.

According to Reuters, U.S. Federal Reserve policymakers are seen leaving short-term interest rates unchanged at the two-day policy meeting which began on Tuesday, but also signals a rate hike is not too far off, as long as the job market and inflation continue to improve.

As a result of the wait-and-see approach of investors, the performance of markets across the region were also unexciting.

Japan’s Nikkei 225 index was down 142.62 points (0.83%), Hong Kong’s Hang Seng Index was down 31.07 points (0.15%) and South Korea’s KOSPI index was up 4.93 points (0.25%).

At 5pm today, the ringgit was trading stronger at 4.1355 against the US dollar, from 4.1370 yesterday; and at 2.9968 gainst the Singapore dollar, from 3.0007 yesterday.

The FBM KLCI ended the day with 1.43 billion shares traded, valued at RM1.69 billion.

Losers outweighed gainers, with 403 counters ending the day in the red, as opposed to 380 gainers, while 364 counters remained unchanged.

Ranhill Holdings Bhd which made its debut on the main market of Bursa Malaysia today, saw some lacklustre trading of its shares, ending the day down 19 sen(15.83%) to RM1.01, and was among the top 5 losing counters on the local bourse today.

Other losing counters included Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, Hap Seng Consolidated Bhd and UMW Holdings Bhd.

Gainers were Carlsberg Brewery Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Genting Bhd, Hong Leong Bank Bhd and Alliance Financial Group Bhd.

Actives included AirAsia Bhd, AirAsia X Bhd, Key Alliance Group Bhd and Eka Noodles Bhd.

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