Friday 29 Mar 2024
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KUALA LUMPUR (March 18): The FBM KLCI edged up in early trade but gains are seen as limited in line with the cautious trade at most regional markets as well as lacklustre sentiment at tehe local bourse.

At 9am, the FBM KLCI adeed 2.45 points to 1,790.32.

The top gainers included British American Tobacco (M) Bhd, Telekom Malaysia Bhd, United Plantations Bhd, Hong Leong Financial Group Bhd, MISC Bhd, HSL Consolidated Bhd, Public Bank Bhd, IJM Corporation Bhd, PPB Group Bhd and Sime Darby Bhd.

Asian stocks dipped and the dollar marked time on Wednesday, with markets fixed on the Federal Reserve's policy statement due later in the session for clues to when the Fed will hike interest rates, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent, tracking Wall Street shares which fell overnight as nervousness increased ahead of the Fed's statement. Australian shares shed 0.4 percent, while Japan's Nikkei was flat, it said.

JF Apex Securities Research in a market preview Wednesday said US markets closed lower overnight ahead of the Federal Open Market Committee's statement later today that will hint the timing of interest rate hike.

Meanwhile, it said European equities also finished lower after weaker economic sentiment in Germany.

“On the local front, the FBM KLCI gained 7.33 points to 1787.87 points, in line with regional markets as Tokyo, Seoul and Shanghai markets rallied to new highs.

“We expect the index to be lacklustre today given the uncertainty in the US' interest rate hike. The FBM KLCI could remain sideways between 1780 and 1800 points,” it said.

 

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