KUALA LUMPUR (Nov 16): The FBM KLCI fell 2.93 points or 0.2% on profit taking and as the ringgit weakened against the US dollar.

The ringgit depreciated as investors braced for higher US inflation and interest rates in anticipation of US President-elect Donald Trump's expansionary fiscal policies.

At 5pm, the KLCI closed at 1,627.63 points. Investors took profit after the KLCI reached its intraday high at 1,637.4 points.

Yesterday, the index rose 13.92 points.

Today, the KLCI rose earlier after crude oil prices jumped 6% overnight on renewed expectations that OPEC will agree later this month to reduce a global supply glut.

Kenanga Investment Bank Bhd commissioned dealer's representative Ng Soon Kiat said local equities were mixed today. Ng said some investors bargained-hunted for blue chips while some took profit.

"Despite rising global oil prices, most of the local energy stocks remain quiet, so perhaps it's time to look into these counters again," he told theedgemarkets.com.

Across Bursa Malaysia, 1.84 billion shares worth RM2.07 billion changed hands. There were 349 gainers versus 449 decliners.

In currency markets, the ringgit weakened to 4.3570 against a strengthening US dollar at the time of writing. The exchange rate today was between 4.2863 and 4.3602.

Bloomberg reported that traders assigned about a 94% probability, the highest level this year, to a US Federal Reserve interest rate hike at its final meeting for the year on Dec 13–14, futures contracts indicate. Trump's spending plans are driving speculation the Fed will pick up its pace of rate increases as inflation expectations climb.