KUALA LUMPUR: The FBM KLCI closed higher on Monday after positive remarks from Federal Reserve Chair Jerome Powell strengthened expectations of an upcoming interest rate cut.
The 30-stock index settled the day up 3.22 points, or 0.2% to 1,638.96 points after hitting an intraday high of 1,643.95. This was on a volume of 2.82 billion shares valued at RM2.63bil.
There were 506 gainers, 578 losers and 434 counters traded unchanged on the Bursa Malaysia.
Among the gainers on Bursa Malaysia, Malayan Cement rose 27 sen to RM5.45, Heineken added 26 sen to RM22.86, Kuala Lumpur Kepong gained 24 sen to RM21.46 and Panasonic Manufacturing
advanced 20 sen to RM20.18.
On the other hand, Malaysian Pacific Industries tumbled RM1.20 to RM34.50, Nestle fell RM1 to RM101, F&N declined 32 sen to RM29.50 and Dutch Lady gave up 28 sen to RM30.72.
Foreign investors were net buyers of RM1.4bil in domestic equities for the week ended Aug 23, which was five times the sum of RM299.6mil of net inflow in the previous week, according to MIDF Research
Local institutions, meanwhile, were net sellers on every day of the week, and net sellers of Malaysian equities for a second straight week with a net sale of RM1.12bil.
Meanwhile, Reuters reported that oil prices extended gains on Monday on fears a major spillover in fighting from the Gaza conflict into the Middle East could disrupt regional oil supplies.
US West Texas Intermediate crude and Brent rose 83 cents each to US$75.66 and US$79.85 per barrel.
Around the region, Japan’s Nikkei 225 fell 0.66% to 38,110.22 while South Korea’s lost 0.14% to 2,698.01.
Hong Kong’s Hang Seng index closed up 1.06% or 186.63 points at 17,798.73.
China’s blue-chip CSI 300 index slipped 0.09% to 3,324.22 while the Shanghai Composite index was up 0.04% at 2,855.52 points.
