Bursa Malaysia joins rally on renewed US rate cut hopes

TheStar Thu, May 16, 2024 12:47pm - 1 month View Original


KUALA LUMPUR: Bursa Malaysia piggybacked a regional rally as a key US inflation report backed hopes the central bank will cut the interest rate in September.

Global equities soared following a softer US consumer price index reading for April, with the major US stock indices hitting fresh record levels.

In Malaysia, the FBM KLCI gained 8.06 points in the early session to 1,611.29, as foreign fund buying continued.

The market breadth was also positive with 595 gainers compared with 475 decliners and 452 unchanged.

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