KUALA LUMPUR: Interest rates news is likely to be the focus this Wednesday in Malaysia as well as the US, where several indicators showed further evidence that the economy may well be in recovery mode.
This is despite US regulators saying that Bank of America and Citigroup may still need capital.
HwangDBS Vickers Research Sdn Bhd said in a report that there was “a divided consensus view” on whether Bank Negara would cut or keep the country’s key interest rate - the overnight policy rate - at 2.0%.
It added that the US Federal Open Market Committee was likely to stand pat on the key federal funds rate, which already stood at near zero.
On the local bourse, it said the KLCI might attempt to recover to 970 and beyond but “any technical rebound is not expected to sustain.”
Meanwhile, the KLCI fell 8.60 points to 957.10 at 9.30am.
Singapore’s Straits Times Index was 0.67% higher at 1,820.59 while Shanghai’s A share index was unchanged.
Taipei’s Taiex Index was up 0.58% to 5,629.20 and Seoul’s Kospi Index rose 0.96% to 1,312.74.
At Bursa Malaysia, 56 counters were up, 153 were down and 84 others were traded unchanged. There were 157.68 million shares done at a total value of RM107.47 million.
Among plantation counters, KL Kepong fell 20 sen to RM11.20, Sime dropped 15 sen to RM6.30, Asiatic lost 12 sen to RM4.76 and Kulim was 10 sen lower at RM5.40.
Adventa was up 3 sen to RM1.03, Top Glove dropped 10 sen to RM5.90 and TNB lost 10 sen to RM7.05.
Construction stocks IJM fell 12 sen to RM4.60 while MRCB gained 3 sen to RM1.06.
Nymex crude oil in electronic trade was down 42 cents to US$49.50 per barrel.
Spot gold fell US$2.40 to US$891.97 per ounce.
The ringgit was quoted at 3.608 to the US dollar.
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Source: The Star Online
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