Market Close KLCI gains after Fed maintains low rate policy

by **Cals** Fri 20 Mar 2015, 03:00

Market Close
KLCI gains after Fed maintains low rate policy

By Foo Yen Ne / theedgemarkets.com | March 19, 2015 : 5:17 PM MYT

[size=14]KUALA LUMPUR (Mar 19): The FBM KLCI has continued its winning streak, having gained 11.56 points or 0.64%, after [size=14]US Federal Reserve indicated low interest rates will remain for a little longer.
In line with regional indices, Malaysia’s benchmark index rose to an intraday high of 1,815.71 points, before settling at 1,809.13 points at 5pm.
Chief executive officer of Areca Capital Sdn Bhd Danny Wong said, “After yesterday’s Federal Reserve meeting, there is no clear indication when it will raise its interest rate policy, but it is clear that there is no rush to do it.”
“Even if it does increase interest rate, the message from Janet Yellen yesterday, is that the change will be gradual.”
He added, “With that message, emerging markets are hoping foreign funds which have been on the selling side, would return. The FBM KLCI’s performance today is reflective of that hope.”
On the Malaysian front, Wong said he expects the KLCI to be trading sideways in the near term, citing investors’ caution over a possible re-rating of Malaysia’s credit rating by Fitch as the main reason.
Today’s trading saw 476 gainers, 336 losers and 327 unchanged counters.
Top gainers are Kuala Lumpur Kepong Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) which rose 2.44% (up 48 sen), PPB Group Bhd([You must be registered and logged in to see this image.] Financial Dashboard) which advanced 2.28% (up 30 sen), and Petronas Gas Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) which was up 1.31% (up 30 sen).
On the other hand, United Plantations Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) fell 2.5% (down 66 sen), Hong Leong Capital Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) lost 4.81% (down 52 sen), and Atlan Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) declined 5% (down 25 sen).
The most actively-traded stock was The Media Shoppe Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), with over 129.5 million shares traded. It closed unchanged at 6.5 sen.
Regionally, Japan’s Nikkei was lower by 0.35%, Hong Kong’s Hang Seng was up by 1.45%, and South Korea’s Kospi advanced 0.47%.[/size]

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