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KUALA LUMPUR (Sept 17): The FBM KLCI closed 10.64 points or 0.69% at 1,520.64 during the Bursa Malaysia afternoon break today as investors took profits from bank stocks and took the example of factors including updates from the US Federal Reserve on the outlook for US interest rates.
In Bursa at 12:30 pm, 4.33 billion securities were traded for RM3 billion. Malaysian markets resumed operations today after they were closed yesterday in conjunction with the Malaysian Day holiday.
Today, investors made a profit on bank stocks after their share price rose on Tuesday.
Analysts at TA Securities Holdings Bhd wrote in a note today: “Bank stocks led gains on Tuesday, pushing the benchmark top-line index to a two-week high after Bank Negara (Malaysia) dropped rates from interest unchanged due to signs of economic recovery as the market remained vibrant amid strong retail participation. “
The KLCI rose 19.92 points, or 1.32%, to 1,531.28, close to a session high of 1,532.04 and an initial low of 1,503.19, as winners led losers by 648 to 480 on a total turnover of 8.84 billion shares worth RM 5.45 billion.
“(Today,) the local market should carry out a profit-taking consolidation, pending the publication of Top Glove’s (Corp Bhd) corporate results, which have been closely followed, as a guide to the outlook for the industry of the rubber gloves, ”said TA Securities analysts.
Globally, stocks were reported to have fallen and the US dollar surged on Thursday after the Federal Reserve pledged to keep interest rates low for a long time, but failed to offer further stimulus to prop up a battered US economy.
The Fed was reported to have said it would keep interest rates near zero until inflation is on track to “moderately exceed” the central bank’s 2% inflation target “for some time.”
“The new economic projections released with the policy statement showed that most lawmakers see interest rates on hold until at least 2023, with inflation never exceeding 2% during that period,” Reuters reported.
“MSCI’s broader Asia-Pacific equity index outside of Japan lost 0.82%, losing steam after five consecutive days of gains. Japan’s Nikkei lost 0.45%.
“US S&P 500 futures fell 0.87% in Asia on Thursday following a 0.46% drop in the S&P 500 on Wall Street. Tech stocks underperformed, and the Nasdaq Composite fell. 1.25% on Wednesday. Nasdaq futures fell 1.13% in Asia, ” Reuters said.
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