KUALA LUMPUR: The FBM KLCI ended firmer on Thursday regardless of the broader-market breadth indicating most shares are shedding floor.
The benchmark index closed up 13.72 factors, or 0.94% to 1,472.77 after transferring between 1,476.02 and 1,461.94 all through the day.
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Market breadth was detrimental with losers thumping gainers 556 to 392, whereas 413 counters had been unchanged. Turnover stood at 2.47 million shares valued at RM1.84bil.
Dealers mentioned shopping for curiosity on the native bourse was interspersed with profit-taking. They anticipate buying and selling on Bursa Malaysia to proceed to be cautious after the Fed delivered an aggressive however anticipated price hike.
SPI Asset Management managing associate Stephen Innes mentioned most traders are nonetheless attempting to digest the risk-friendly tilt when in the end, the Fed does want a big financial slowdown to tame inflation.
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The Fed hiked 75 foundation factors and indicated a terminal price of three.75%.
“Powell placed inflation emphasis on the headline, not the core. Stocks looked fanciful post-Fed given the extent of anticipated tightening. The Fed sees consumer spending as too strong and the jobless rate as too low. The market acted relieved, but that seems odd, given the Fed’s commitment to low inflation.
“Equities remain in thrall of interest rates and rallying bond markets signal a positive response to the FOMC’s 75 basis points rate hike; hence stocks are a bit calmer, but I doubt for long,” he mentioned.
Top Glove, essentially the most energetic counter on Bursa Malaysia fell 3.5 sen, or 3.47% to 97.5 sen, with 86.8 million shares executed. Year-to-date, the glove maker fell virtually 60%.
Nestle surged RM6.80 to RM140, Petronas Dagangan added 74 sen to RM21.14, Hong Leong Financial Group gained 48 sen to RM19.10 and Petronas Gas gained 34 sen to RM16.58.
Berjaya Food
shed 31 sen to RM4.37, Batu Kawan fell 30 sen to RM23.74, Chin Tek misplaced 28 sen to RM9.65 and Carlsberg eased 26 sen to RM22.34.
Meanwhile, the ringgit was quoted at 4.4035, up 0.23% in opposition to the US greenback.
US gentle crude oil fell 18 cents to US$115.13 and Brent misplaced 26 cents to US$118.25 per barrel.
