KLCI higher at midday despite mixed cues in Asian markets


THE benchmark Bursa Malaysia Kuala Lumpur Composite Index (KLCI) continued its overnight rally to end the morning session at 1,873.11 points, 7.31 points or 0.39% stronger against yesterday’s close of 1,865.80.

The local stock market was on the positive end as Asian markets traded mixed, following the US Federal Reserve’s first interest rate hike this year. The Federal Reserve raised rates by 25 basis points to a range of 1.5% to 1.75% at the end of its policy meeting on Wednesday, as anticipated.

Japan’s Nikkei 225 was up by 0.74%, while the Korea Composite Stock Price Index advanced 0.6%. The Hong Kong Hang Seng Index eased 0.63%, while the Shanghai composite lost 0.81%.

The KLCI opened marginally higher at 1,865.83 and rallied between 1,865.83 and 1,873.62 before the midday break.

However, market breadth was negative, with 388 losers against 355 gainers, while 372 were unchanged.

Among the top decliners were Globetronics Technology Bhd, Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, AirAsia Bhd and Genting Plantations Bhd.

Top gainers included Nestle (Malaysia) Bhd, Public Bank Bhd, Hai-O Enterprise Bhd, HSS Engineers Bhd and Shangri-La Hotels (Malaysia) Bhd.