FBM KLCI snaps losing streak, ends at intraday high ahead of OPR decision
KUALA LUMPUR: The FBM KLCI ended its losing streak and closed at its intraday high on Wednesday, supported by buying interest in heavyweight counters ahead of Bank Negara's overnight policy rate (OPR) decision.
The 30-stock index rose 13.10 points, or 0.85% to 1,549.90, its intraday high, recovering from its intraday low of 1,536.56.
Across the broader market, advancers outnumbered decliners 595 to 378, with 2.84 billion shares worth RM2.43bil transacted.
Bank Negara is expected to announce the OPR on April 8.
According to a Bloomberg poll, four out of five economists surveyed expect the overnight policy rate to remain unchanged at 3.0%, while one projects a 25 basis point cut to 2.75%.
Stock market data showed that on Tuesday, foreign investors were net buyers with RM58mil in acquisitions, while local retailers also recorded net buying of RM16mil.
In contrast, local institutions were net sellers, offloading RM75mil worth of equities.
Among the gainers on Bursa Malaysia, Dutch Lady jumped 70 sen to RM28.90, Malaysian Pacific Industries rose 24 sen to RM19.56, Carlsberg added 22 sen to RM19.40 and F&N climbed 22 sen to RM27.30.
Nestle slid RM1.06 to RM87.44, Hong Leong Financial Group fell 46 sen to RM16.66, Panasonic Manufacturing lost 14 sen to RM13.84 and PGF declined 14 sen to RM1.76.
Meanwhile, the ringgit was quoted at 4.2408, down 0.2% against the US dollar.
Elsewhere in the region, Japan's Nikkei 225 fell 0.14%, Hong Kong's Hang Seng Index closed up 0.13%, South Korea's Kospi rose 0.55%, China's CSI 300 index advanced 0.61% and Singapore's Straits Times Index added 0.02%.
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