KUALA LUMPUR (March 13): The FBM KLCI rose 4.34 points or 0.3% on late buying of index-linked Genting Bhd shares and as investors evaluated the outlook of the US economy and interest rate direction.

At 5pm, the KLCI closed at 1,721.92 points while Genting shares rose 13 sen to RM9.43. The KLCI and major Asian share markets tracked US equity gains last Friday after the US reported employment numbers that surpassed market forecast.

Such sentiment led to expectation that the US will raise interest rates following the Federal Reserve's Federal Open Market Committee meeting tomorrow and Wednesday (March 14 and 15). The rate hike expectation is based on anticipation of a stronger US economy this year.

"Trading mood has been rising, taking cue from the strong US job numbers last week, coupled with strong buying interest in Genting and Tenaga Nasional Bhd shares.

"Investors are waiting to listen to the tone of the Federal Reserve this week," Hong Leong Investment Bank Bhd analyst Loui Low Ley Yee told theedgemarkets.com.

Bursa Malaysia saw 3.78 billion shares valued at RM3.08 billion traded.

Decliners outpaced gainers at 497 versus 473 respectively.

Asian share markets rose. Japan's Nikkei 225 rose 0.15%, South Korea's Kospi climbed 0.97% while Hong Kong's Hang Seng added 1.11%.

Asian shares rose after the US said its public and private sectors added 235,000 jobs in February, surpassing average market forecast of a 190,000 increase.

In Malaysia, Malayan Banking Bhd's (Maybank) foreign exchange research team wrote in a note today that prospect of the March US rate hike had been priced.

"While March rate hike has been priced in, 30-day Fed fund futures are now suggesting that nearly two more rate hikes are being priced in for the rest of 2017," Maybank said.