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KLCI down as foreign selling persists on U.S. rate hike cue

Mimi Sabreena 6:39:00 PM Informasi

KUALA LUMPUR (Sept 27): The FBM KLCI lost 1.35 points or 0.1% as foreign selling of Malaysian stocks continued on expectation of U.S. interest rate hikes.

At 5pm, the KLCI closed at 1,764.24 points. U.S. interest rate hikes do not bode well for Asian markets, in anticipation investors will shift their money into US dollar-based assets.

“We are still at the selling stage. We will see how bad it gets, my guess is foreign selling will not slow down anytime soon,” Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.

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