Friday 29 Mar 2024
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KUALA LUMPUR (Dec 17): The FBM KLCI opened higher this morning in line with regional markets, which rose following the overnight rally at most global markets.

At 9am, the FBM KLCI rose 1.83 points to 1,635.96.

The early gainers included British American Tobacco (M) Bhd, Petronas Gas Bhd, Kein Hing International Bhd, Kuala Lumpur Kepong Bhd, Apollo Food Holdings Bhd, Hap Seng Consolidated Bhd, Malaysian Pacific Industries Bhd, Top Glove Corporation Bhd and Scientex Bhd.

Asian stock markets rose on Thursday as investors chose to take the hike in US interest rates as a mark of confidence in the world's largest economy, though the good cheer did not extend to oil where oversupply again pressured prices, according to Reuters.

The Federal Reserve's 25-basis-point increase was almost a decade in the making and easily one of the most telegraphed in history. So there was some relief that, after months of waiting and several false starts, the move was finally done and dusted, it said.

JF Apex Securities Research in a market preview today said US markets rallied after the Federal Reserve raised interest rates for the first time since 2006.

It said that earlier, European equities gained ahead of the Fed's decision.

"On the local exchange, the FBM KLCI surged 11.29 points to 1,634.13 points.

"Following Wall Street's gains, the FBM KLCI could follow suit and extend its rebound towards the immediate resistance of 1,645 points," it said.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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