FBM KLCI to Re-Test 1,500 Point Level

Bursa Malaysia closed slightly higher yesterday amid cautious trading as the nation’s central bank raised interest rates for third consecutive time, bringing the total increase in OPR to 75bps thus far.

FBM KLCI index closed 3.38 points higher at 1,494.73.

On the broader market, gainers outnumbered losers by 416 to 372 and 451 counters traded unchanged.

Meanwhile, trading volume was 2.39 billion shares with trading value of RM1.86bil.

The market participants have already anticipated the rate hike by Bank Negara hence it has already been priced in.

As falling commodity prices fall, it is expected that inflationary risks might be eased. Hence, the FBM KLCI may test the 1,500-point psychological level.

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