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.
Although regional market sentiment remained subdued, it was driven by buying interest in financial services stocks.
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.
It had earlier opened 0.09 points lower at 1,436.70 in early morning trade.
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.
Positive sentiment following reports that the Chinese government will increase stimulus to support its economic recovery appears to be fading.
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.
The central bank is expected to raise interest rates by 25 basis points, with Chairman Jerome Powell's follow-up statement taking center stage.
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.
