KLCI gains capped amidst cautious sentiment

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KUALA LUMPUR (March 18): The FBM KLCI remained in positive territory at mid-morning but gains were capped as investor sentiment stayed cautious.

At 10am, the FBM KLCI was up 2.57 points to 1,790.44.

The top gainers included Globetronics Technology Bhd, British American Tobacco (M) Bhd, United Plantations Bhd, C.I. Holdings Bhd, Berjaya Food Bhd, Hong Leong Financial Group Bhd, Telekom Malaysia Bhd, Hap Seng Consolidated Bhd and Genting Bhd.

The actives included Ingenuity Solutions Bhd, Wintoni Group Bhd, Sumatec Resources Bhd, Eti Tech Corporation Bhd, Jobstreet Corporation Bhd, Privasia Technology Bhd, Nexgram Holdings Bhd and Genetec Technology Bhd.

The top losers included Boustead Heavy Industries Corporation Bhd, Guiness Anchor Bhd, Hong Leong Capital Bhd, Petronas Dagangan Bhd, Kossan Rubber Industries Bhd and Cahya Mata Sarawak Bhd.

Asian stocks dipped and the dollar marked time on Wednesday, with markets fixed on the Federal Reserve's policy statement due later in the session for clues to when the Fed will hike interest rates, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent, tracking Wall Street shares which fell overnight as nervousness increased ahead of the Fed's statement. Australian shares shed 0.4 percent, while Japan's Nikkei was flat, it said.

Hong Leong IB Research said investors will remain cautious ahead of the FOMC meeting, depressed oil prices and Ringgit (versus US dollar).

“Unless the FBM KLCI can swiftly stage a strong breakout above 1800-1810 levels, the index is likely to resume its downward consolidation toward 1750-1770 zones in April,” it said.