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Market consensus estimates that there would be a 75-basis-point (bps) hike in the United States due to continued inflationary pressures. (File pic: Fed building in Washington)

KUALA LUMPUR: After a surprisingly strong showing by the FBM KLCI last week, market sentiment on Bursa Malaysia was mixed yesterday with investors turning cautious ahead of the highly anticipated interest rate hike by the US Federal Open Market Committee (FOMC) slated for tomorrow.

Market consensus estimates that there would be a 75-basis-point (bps) hike in the United States due to continued inflationary pressures.

At the close yesterday, the FBM KLCI settled slightly higher by 0.23% to 1,469.22 points.

The broader Bursa Malaysia was more cautious with 530 counters declining, while 300 counters rose and 398 counters were unchanged with two billion shares worth RM1.12bil changing hands.

Rubber glove stocks such as Top Glove Corp Bhd and Hartalega Holdings Bhd also did not sustain buyers’ interest after an initial spurt upwards in early trading yesterday, despite the World Health Organisation declaring the rapidly spreading monkeypox outbreak as a global health emergency.

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Trading continued to be heavy on Top Glove as it was the third most active counter on Bursa Malaysia to close unchanged at 99.5 sen, while the top gainer was Chin Hin Group Bhd, which rose 29 sen to RM4.39 and the biggest loser was Malaysian Pacific Industries Bhd, down 56 sen to RM30.24.

Rubber glove stocks such as Top Glove Corp Bhd and Hartalega Holdings Bhd also did not sustain buyers’ interest after an initial spurt upwards in early trading yesterday, despite the World Health Organisation declaring the rapidly spreading monkeypox outbreak as a global health emergency.

Rakuten Trade head of equity sales Vincent Lau told StarBiz: “The outlook for the local market would be related as to how much of the future rate hikes (in the United States) have already been priced into the stocks.”

He noted that the FBM KLCI’s performance yesterday appears to be resilient to the prospects of the coming US 75 bps hike that is being widely anticipated by consensus estimates.

“Markets may have found themselves on a more stable footing even as talk of bear markets and recession news have been prevalent.