Bursa Malaysia ends higher on reading of Fed rates on hold

The Fed to hand down its decision on monetary policy tomorrow, and the reading is that the US central bank will keep interest rates unchanged. — Reuters file pic
The Fed to hand down its decision on monetary policy tomorrow, and the reading is that the US central bank will keep interest rates unchanged. — Reuters file pic

KUALA LUMPUR, Sept 20 — Bursa Malaysia closed higher as the market expects the US Federal Reserve (Fed) to keep interest rates unchanged at the end of its two-day meeting tomorrow.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) snapped a five-day losing streak to close 4.07 points higher at 1,655.78 points against yesterday’s close of 1,651.71.

After opening 5.20 points better at 1,656.91 this morning, the local index moved between 1,645.18 and 1,656.91 throughout the day.

Losers outpaced gainers by 418 to 345 while 401 counters were unchanged, 526 untraded and 18 others suspended.

Volume was higher at 1.39 billion units worth RM1.7 billion from 1.14 billion units worth RM1.44 billion registered yesterday.

A dealer said cautious sentiment clouded the market over the Fed’s decision on interest rates, however, consensus was that it would leave interest rates unchanged.

On the scoreboard, the FBM Emas Index added 28.01 points to 11,679.61, the FBMT100 Index gained 28.32 points to 11,382.78 and the FBM Emas Shariah Index was 37.22 points better at 12,314.78.

The FBM 70 improved 35.02 points to 13,621.07 and the FBM Ace inched up 33.65 points to 5,242.3.

Sector-wise, the Finance Index gained 32.78 points to 14,229.79, the Plantation Index perked 1.44 points to 7,835.12, and the Industrial Index rose 11.85 points to 3,099.1.

Of the heavyweights, TNB eased two sen to RM14.40, Maybank fell three sen to RM7.80 and Public Bank added eight sen to RM19.56.

Among actives, Lion Diversified added 3.5 sen to six sen, AirAsia fell 13 sen to RM2.70 and Iris added one sen to 17.5 sen.

Main Market turnover improved to 880.3 million units worth RM1.6 billion from 805.52 million units worth RM1.37 billion yesterday.

The ACE Market volume was higher at 166.29 million shares valued at RM29.52 million from 162 million shares valued at RM27.59 million yesterday.

Warrants swelled to 347.12 million units worth RM65.4 million from 177.35 million units worth RM39.99 million previously.

Consumer products accounted for 54.52 million shares traded on the Main Market, industrial products (256.67 million), construction (53.12 million), trade and services (273.42 million), technology (60.36 million), infrastructure (8.59 million), SPAC (31.81 million), finance (61.07 million), hotels (448,400), properties (54.95 million), plantations (17.21 million), mining (7,000), REITs (8.06 million) and closed/fund (12,100). — Bernama