Stock market FBM KLCI continues to decline ahead of global monetary policy announcement


Bursa Malaysia ended today’s morning session lower as global and regional equity markets awaits the expected interest rate hike by the US Federal Reserve.

At 12.30pm, the benchmark main index slumped 4.45 points to close the session at 1,759.71 compared to the previous day’s close of 1,764.16.

The key index moved between 1,762.09 and 1,755.38 during the session.

Losers outnumbered gainers 428 to 322, while 328 counters were untraded.

Turnover stood at 1.135 billion shares valued at RM786.874 million.

A rate hike rate would drive the US dollar higher, enticing investors to exit from the emerging markets (EMs) and focus on the world’s largest economy.

EMs are already witnessing a substantial exodus of foreign shareholding.

Many analysts are expected a rate hike as the US economy continues to grow, inflation is rising while unemployment is dropping.

Among the gainers were Sime Darby Bhd, Genting Malaysia Bhd, Astro Malaysia Holdings Bhd, Petronas Gas Bhd, Axiata Group Bhd, Petronas Chemicals Group Bhd, Malayan Banking Bhd, PBB Group Bhd and Press Metal Aluminium Holdings Bhd.

Losers included MISC Bhd, YTL Corp Bhd, Public Bank Bhd, IOI Corp Bhd, CIMB Group Holdings Bhd, Telekom Malaysia Bhd, RHB Bank Bhd, Tenaga Nasional Bhd, Nestle (M) Bhd, Hong Leong Financial Group Bhd, DiGi.Com Bhd and Maxis Bhd.