Markets cheer softer US Federal Reserve tone

"We have seen the economy progress over the last several months in exactly the way we anticipated," Yellen said in a press conference(pic) following the end of a two-day policy meeting. "We have some confidence in the path the economy is on." - Reuters

PETALING JAYA: The FBM KLCI rose to its highest in more than one-and-a-half years yesterday, following the United States Federal Reserve’s (Fed) move to raise interest rates as well as Fed chair Janet Yellen’s (pic) commitment to maintain a stable rate hike trajectory.

The benchmark index rose 19.78 points to close at 1,737.14 points, the highest since August 2015. The gains were fuelled by strong buying activity across the board, with 28 out of 30 of the KLCI component stocks reporting increases.