Kuala Lumpur – The Malaysian stock market experienced mixed results today, influenced by the Federal Reserve’s decision to suspend interest rate hikes in the United States. Despite a surge in US stocks, the benchmark KLCI (Kuala Lumpur Composite Index) closed slightly lower, reflecting cautious investor sentiment. As of 9:10 am, the KLCI stood at 1380.70 points, down 4.72 points or 0.34%.
Following a two-day meeting, the Federal Reserve opted to maintain the federal benchmark interest rate at a range of 5.00 to 5.25%, signaling the potential for future rate hikes. This decision, coupled with positive performances in the US stock market, created a mixed landscape for investors.
In the US, the Dow Jones Index experienced a decline of 232.79 points, representing a 0.68% drop. Conversely, the Nasdaq and the S&P 500 Index reached new 13-month highs, rising by 0.39% and 0.08% respectively.
Meanwhile, the Malaysian stock market failed to rally in response to the overnight surge in US stocks. The KLCI opened lower at 1382.96 points, down 2.46 points from the previous day’s close. It continued to decline, nearing the 1380-point mark.
During the trading session, a total of 312.47 million shares were traded, amounting to a turnover of RM109.71 million. Market performance showed 124 gainers, 207 decliners, and 253 stocks maintaining their previous positions.
Among individual stocks, APB Resources (APB, 5568, main board industrial stocks), which hit the daily trading limit yesterday, continued to experience price increases today. The stock surged to RM3.29 in early trading, marking an 11.11% increase of 33 cents.
In other news, EWEIN Company (EWEIN, 7249, main board industry stocks) received a comprehensive offer from NationGate Holdings (NATGATE, 0270, GEM) managing director and major shareholder, Huang Yongliang. The offer stands at 60 cents per share for the shares that EWEIN Company does not currently hold. As a result, EWEIN Company’s stock price fell by 4.5 sen or 6.38% to 66 sen today, as the bid was 70.5 sen lower than the share price before the offer.
The Malaysian stock market continues to be influenced by global economic factors, and investors are closely monitoring developments in both the domestic and international arenas.