Banking Stocks on Watchlist

FBM KLCI ended lower in tandem with the weaker performance across the region. The benchmark index eased 0.65% or 9.71 points to end at 1,481.80 but today...watch banking stocks

Banking Stocks on Watchlist
Anticipate buying interest to return on the Banks following a week of decline Photo by IA SB / Unsplash

Profit taking activities saw the index slipped to almost the 1,480 level and for today, keep the banking stocks on your watchlist.

"With the recent announcement of the Cabinet of which was broadly well received, we reckon the index may see a reversal today as we expect it to trend between the 1,480-1,500 range.

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"We anticipate buying interest to return on the Banks following a week of decline. Meanwhile, the Ringgit continue to strengthen against the USD currently hovering at 4.38/USD1," says Rakuten Trade.

FBM KLCI ended lower in tandem with the weaker performance across the region. The benchmark index eased 0.65% or 9.71 points to end at 1,481.80. Losers were led by KLK, PCHEM and TENAGA. Nonetheless, market breadth was positive with 541 advancers against 406 decliners while 416 were unchanged. Total volume stood at 3.35bn shares valued at RM2.28bn.

Wall Street closed mixed as traders remained confident that the Federal Reserves will tone down rate hikes despite the higher than expected job data. The DJI Average gained almost 35 points while the Nasdaq lost a mere 21 points as the US 10-year yield continue to slide to the 3.49% level.

Wall Street closed mixed as investors digested a stronger-than-expected jobs report. The DJIA closed marginally higher by 0.10% to 34,429.88. Meanwhile S&P500 and Nasdaq closed 0.12% and 0.18% lower to 4,071.70 and 11,461.50 respectively.

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Key regional markets closed lower as investor sentiment remain cautious ahead of key US payrolls data. Nikkei 225 and STI declined 1.59% and 1.02% to finish at 27,777.90 and 3,259.14 respectively. Meanwhile, HSI and SHCOMP shed 0.33% and 0.29% to end at 18,675.35 and 3,156.14 respectively.