KL shares end higher

KUALA LUMPUR: Bursa Malaysia finished higher but gains were modest as investors were jittery and cautious in the lead-up to the two-day US Federal Open Market Committee (FOMC) meeting, beginning today, where US bankers will decide whether to raise interest rates.

At 5pm, the FTSE Bursa Malaysia KLCI ( FBM KLCI) finished at 1,645.28, up 3.86 points, from 1,641.42 on Friday.

After opening 10.03 points higher at 1,651.45, the index moved between 1,641.93 and 1,651.45 throughout the day.

Gainers led losers 418 to 322, while 341 counters were unchanged, 617 untraded and 31 others were suspended.

Volume rose 1.33 billion shares, worth RM1.73 billion, from 1.23 billion shares, valued at RM1.4 billion, on Friday.

“Investors will closely monitor the outcome of the FOMC meeting should there be any changes in US interest rates,” said the dealer, adding that higher interest rates did not augur well for regional equity markets.

Higher interest rates would mean investors would shift their money into US dollardenominated assets.

Hong Leong Investment Bank, in a note, said while investors would likely remained sidelined, waiting for fresh clue on the direction for interest rates in 2017.

Market sentiment is expected to be boosted by Dow Jones’s record rally and improving oil prices, post the Organisation of the Petroleum Exporting Countries (OPEC)’s decision to cut back on output.

Of heavyweights, Maybank rose three sen to RM7.94, TNB and Public Bank gained eight sen each to RM14.06 and RM19.70, respectively, Petronas Chemicals rose two sen to RM6.89 and Sime Darby earned one sen to RM8.15.

The FBM Emas Index added 36.50 points to 11,510.34, FBMT 100 Index increased 34.87 points to 11,244.45 and the FBM Emas Shariah Index was 39.00 points higher to 12,052.07.

The FBM 70 increased 71.76 points to 13,216.48 and the FBM Ace added 20.22 points to 4,726.65.

Sector-wise, the Finance Index rose 51.82 points to 14,404.25, Plantation Index accumulated 25.28 points to 7,752.55 and the Industrial Index added 21.48 points to 3,126.68.

Main Market turnover improved to 932.68 million units, worth RM1.67 billion, from 738.33 million units, worth RM1.33 billion, recorded on Friday.

The ACE Market volume fell to 154.73 million shares, valued at RM19.21 million, from 189.37 million shares, valued at RM23.62 million, traded on Friday.

Warrants decreased to 236.28 million units, worth RM42.43 million, from Friday’s 307.85 million units worth RM50.3 million.

Consumer products accounted for 31.52 million shares traded on the Main Market, industrial products ( 235.22 million), construction ( 63.62 million), trade and services (387.07 million), technology ( 37.93 million), infrastructure (16.26 million), SPAC (32.41 million), finance (51.86 million), hotels (221,600), properties ( 45.30 million), plantations ( 20.40 million), mining (0), REITs (10.78 million) and closed/ fund ( 80,000). — Bernama