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KLCI breached 1400 for the first time ever

KLCI 29 September 2007The Kuala Lumpur Composite Index (KLCI) breached the 1,400-level for the first time ever yesterday helped the KLCI rise for the fifth day. The index jumped 13.27 points, or one per cent, to close at 1,411.62. However the bullish momentum might not sustain for long if the oil price stay above US90. Yesterday it passed at US93 a barrel.

In the US market, the Dow rose 63 points, or 0.5%, to 13,870, while the Nasdaq gained 13 points, or 0.5%, to 2,817, and the Standard & Poor’s 500 was up 5 points, or 0.4%, to 1,540. It is widely expected that the Federal Reserve will take another whack at interest rates at its meeting Wednesday, slicing another 25 or 50 basis points off the federal funds rate and the discount rate.

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