Rate Cut??

KLCI ends almost flat, down 1.01 points at 1277.33 in thin volume, off intraday low of 1270.72; local government-linked funds helped shore-up market in last hour of trade, say dealers. Market breadth turned positive; gainers outpaced decliners 500 to 281. KLCI expected to trade in 1266-1296 range tomorrow. Retail investors were reluctant to take up fresh up positions ahead of the FOMC meeting later today. Expectations are quite high that there will be a rate cut of either 25 or 50 basis points. Market action tomorrow will be driven primarily by what the Fed decides tonight.

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