KLCI Strongest In 4 Months!

<p>&nbsp;Bursa Malaysia's strengthening continued on Wednesday's trading, continuing its rise for five consecutive days ahead of the Federal Reserve's (Fed) interest rate decision.</p><p><br /></p><p>Although regional market sentiment remained subdued, it was driven by buying interest in financial services stocks.</p><p><br /></p><p>As of 4.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.39 points to 1,446.18 from 1443.56 when it closed at midday.</p><p><br /></p><p>It had earlier opened 0.09 points lower at 1,436.70 in early morning trade.</p><p><br /></p><p>Leading shares on the local exchange, namely Petronas Chemical rose 21 sen, while Hong Leong Bank rose 38 sen, CIMB increased 5 sen and Public Bank increased 2 sen.</p><p><br /></p><p><br /></p><p>Positive sentiment following reports that the Chinese government will increase stimulus to support its economic recovery appears to be fading.</p><p><br /></p><p>However, bourses appeared to be tracking the performance of Wall Street which maintained its upward trend overnight as traders digested US corporate earnings and awaited the outcome of the Fed meeting.</p><p><br /></p><p>The central bank is expected to raise interest rates by 25 basis points, with Chairman Jerome Powell's follow-up statement taking center stage.</p><p><br /></p><p>In the meantime, the strengthening of the local stock exchange is also seen to be supported by the inflow of foreign funds which is expected to continue to support the increase.</p>