KUALA LUMPUR, March 17 — The FBM KLCI opened higher today in line with the positive overnight performance of Wall Street and following the release of the Federal Reserve’s monetary policy outcome, dealers said.

At 9.03am, the benchmark index was 6.63 points higher at 1,700.06 from yesterday’s’ close of 1,693.43.    

It had opened 3.19 points better at 1,696.62.

Hong Leong Investment Bank (HLIB) Research in a note today said the Federal Open Market Committee (FOMC) had maintained its current 0.25-0.50 per cent target range for the federal funds rate, in line with expectations.

“While the rate hike guidance was scaled back to two hikes, the overall FOMC tone was balanced and firm.

“Despite a downgrade in growth projections, the research firm is of the view that optimism is maintained by reiterating the labour market strength and the need to monitor inflation developments,” it added.

According to a dealer, the recovery in crude oil prices also bolstered the markets and overall sentiment.

The price of the benchmark Brent Crude has risen to above US$40 (RM164.01) a barrel.     

Meanwhile, on Bursa Malaysia, market breadth was positive with gainers trouncing decliners 161 to 53 with 105 counters unchanged, 1,417 untraded and 20 others suspended.   

Turnover stood at 54.64 million shares worth RM28.98 million.       

Of the heavyweights, Maybank gained one sen to RM8.83, Public Bank improved eight sen to RM18.86, as Petronas Chemicals and CIMB rose three sen each to RM6.78 and RM4.67 respectively, with MISC improving six sen to RM8.86.

Among top gainers, Kuala Lumpur Kepong soared 32 sen to RM24.46, Petronas Dagangan jumped 22 sen to RM24.38 and TNB appreciated eight sen to RM13.48.

Of the actives, Vivocom and Hibiscus Petroleum were up one sen each to 27.5 and 22 sen respectively, while APFT, Sumatec Resources and SMTrack were each flat at 6.5 sen, 11.5 sen and nine sen.

The FBM Emas Index bagged 27.34 points for 11,768.62, the FBMT100 Index increased 32.11 points to 11,481.98 and the FBM Emas Shariah Index advanced 34.28 points to 12,421.66.    

The FBM Ace rose 30.67 points to 5,615.14, but, the FBM 70 declined 9.68 points to 13,004.94.

Sector-wise, the Plantation Index increased 48.68 points to 8,043.46, the Finance Index rose 12.85 points to 14,474.44.The Industrial Index was however, 2.7 points lower at 3,258.21. — Bernama