Bursa Malaysia ends marginally lower after surprise interest rate hike on Wednesday

BURSA Malaysia took a small step back today after Bank Negara Malaysia (BNM) unexpectedly raised the overnight policy rate (OPR) by 25 basis points (bps) to 3.0%, amid financial and economic worries in the US.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell a marginal 0.12 points to its intraday high of 1,425.99 from Tuesday’s (May 2) close of 1,426.11.

The benchmark index opened 2.21 points lower at 1,423.90 and moved between 1,415.47 and 1,425.99 throughout the trading session.

The market breadth was negative with decliners outnumbering gainers 553 to 277, while 405 counters were unchanged, 1,004 untraded, and 19 others suspended.

Turnover rose to 3.48 billion units worth RM1.57 bil, from 2.90 billion units valued at RM1.52 bil on Tuesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended mostly lower as investors were worried about the mounting US debt ceiling issue and the country’s interest rate outlook. — May 3, 2023


Subscribe and get top news delivered to your Inbox everyday for FREE