Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Jan 28): The FBM KLCI vacillated between gains and losses ahead of Malaysia's Budget 2016 revision announcement today and as Asian markets fell after US policy makers maintained interest rates.

In Malaysia, the KLCI opened 0.25 point higher at 1,631.79 at 9am before falling 0.26 point to 1,631.28 at 9:03am. At 9:12am, the index rose 0.08 point to 1,631.62.

"Weak follow-through buying momentum and caution ahead of the unveiling of the Budget revision should restrict upside potential, while concerns over the direction of oil prices keep investors at bay," TA Securities Holdings Bhd wrote in a note today.

Prime Minister Datuk Seri Najib Tun Razak said via Twitter he would announce Malaysia's budget revision at 12 noon today.

Najib said the revision would enable the government to optimise spending as cheaper crude oil hit government income.

Across Asian share markets, Japan's Nikkei 225 fell 0.75% while South Korea's Kospi was 0.93% lower.

Reuters reported that Asian share markets slipped on Thursday after a late selloff on Wall Street, as investors were concerned the US Federal Reserve might continue raising rates despite a turbulent backdrop for financial markets and much of the global economy.

The US Federal Reserve kept interest rates unchanged on Wednesday and said it was "closely monitoring" global economic and financial developments, signaling it had accounted for a stock market selloff but wasn't ready to abandon a plan to tighten monetary policy this year.

At Bursa Malaysia, some 54 million shares worth RM18 million changed hands at 9:03am. There were 76 gainers versus 87 decliners.

Top gainer was British American Tobacco (M) Bhd while Dutch Lady Milk Industries Bhd led decliners. Most-active was Sumatec Resources Bhd.

      Print
      Text Size
      Share