FBM KLCI drifts as investors await fresh leads
KUALA LUMPUR: The FBM KLCI is expected to trend sideways after hitting the 1,600 level earlier this week as investors await fresh leads to determine trading direction.

At the start of Thursday trading, the key index was up 1.46 points to 1,606.21.

TA Securities Research noted that profit-taking interest was seen growing in the previous sessions following mixed cues from US Federal Reserve officials that implied interest rate cuts htis year may not be a done deal.

"Uncertainty over the potential for US interest rate cuts by this year-end should force stocks to fall back for profit-taking consolidation as investors reassess the global growth and inflation outlook," said the research firm in its market commentary.

Meanwhile, on the domestic front, Bank Negara is scheduled to announce its monetary policy decision this afternoon, with analysts expecting no change to the benchmark interest rate.

MISC rose nine sen to RM8.29, Kuala Lumpur Kepong gained four sen to RM23.24, Telekon Malaysia added three sen to RM6.20 and Genting put on two sen to RM4.52.

MNRB, which surged in the previous session after it announced record-high earnings, retreated six sen to RM2.25 on profit-taking.

Brewer Heineken Malaysia fell 16 sen to RM23.60, alongside rival Carlsberg, dropping 10 sen to RM19.34.

Of actives, Harvest Miracle rose 0.5 sen to 12 sen, Eversendai gained 0.5 sen to 57.5 sen and Ingenieur fell 0.5 sen to 7.5 sen.
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KUALA LUMPUR: The FBM KLCI is expected to trend sideways after hitting the 1,600 level earlier this week as investors await fresh leads to determine trading direction.