KUALA LUMPUR: The FBM KLCI fell more than 17 points or 1% early Thursday in a knee-jerk reaction, in line with the key Asian markets after the US Federal Reserve raised interest rates.
At 9.10am, the KLCI was off the early low and was down 8.59 points or 0.49% to 1,754.98. Turnover was 111.81 million shares valued at RM77.75mil. There were 95 gainers, 189 losers and 178 counters unchanged.
Reuters reported Asian shares edged down on Thursday after the Federal Reserve raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening for the rest of the year, while concerns about US-China trade frictions kept investors on edge.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.25% in early trade. South Korea's KOSPI was off 0.9%, while Australia's market slipped 0.2%. Japan's Nikkei shed 0.7%.
The Fed raised its benchmark overnight lending rate 25 basis points to a range of 1.75% to 2%, as expected, on the back of strong US economic growth.
At Bursa, Nestle fell RM1.80 to RM143.10, F&N was down 32 sen to RM36.88.
Public Bank fell 14 sen to RM23.94 and Hong Leong Bank lost 123 sen to RM18.90.
Weakening crude palm oil prices weighed on plantations. Genting Plantations lost 15 sen to RM9.45, PPB Group 14 sen lower at RM19.74 while KL Kepong lost 12 sen to RM24.82.
Hap Seng was down 10 sen to RM9.66, Axiata nine sen lower at RM4.71 and Padini eight sen to RM5.60.
BAT was the top gainer, up 20 sen to RM36.90, PMB Tech jumped 19 sen to RM3.29, MPI added 12 sen to RM10.44 while Petronas Dagangan and Genting were up six sen each to RM25 and RM8.70.
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