KLCI cuts losses as ringgit strengthens to 3.8888

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KUALA LUMPUR (April 11): The FBM KLCI fell 3.12 points or 0.2%, paring losses with Japan shares and as the ringgit strengthened.

At 5pm, the KLCI closed at 1,715.28 points, dragged down by stocks like RHB Capital Bhd and UMW Holdings Bhd. The KLCI had earlier dipped to an intraday low of 1,709.42 points.

The ringgit strengthened to 3.8888 against a weaker US dollar after the US Federal Reserve Chair Janet Yellen said the central bank should be cautious in its interest rate hike assessment.

Across Asia, Japan's Nikkei 225 fell 0.44% as a stronger yen against the US dollar was deemed a bane for Japanese exporters.

In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com there were still uncertainties in the stock market, pending a decision from the US Federal Reserve on interest rate increases.

"The longer this drags on, there will be more uncertainties to the market. It is still uncertain whether the return of foreign funds back into the local stock market is sustainable," Wong said.

Bursa Malaysia saw 1.5 billion shares worth RM1.48 billion traded. Decliners beat gainers at 482 against 293.

British American Tobacco (Malaysia) Bhd led decliners while Box-Pak (M) Bhd was the top gainer. The top-active stock was Vivocom Intl Holdings Bhd.