Bargain Hunting Activities Expected
Despite a mixed regional performance yesterday, we reckon the FBM KLCI to see sporadic bargain hunting activities today following the selling pressure since last Tuesday
The local bourse reopens today after a long break and analysts expect sporadic bargain hunting on Bursa.
Bargain Hunting
"Despite a mixed regional performance yesterday, we reckon the FBM KLCI to see sporadic bargain hunting activities today following the selling pressure since last Tuesday.
"Therefore, we expect the index to hover within the 1,420-1,430 range today with buying interests seen returning to the Energy and Plantation stocks today. Meanwhile, Brent crude price closed higher at above US$82.70/barrel demand-led recovery," says Rakuten Trade.
Wall Street Mixed
Wall Street closed on a mixed note as traders remained sidelined ahead of more corporate results from the heavyweights. Sentiment was also influenced by the upcoming 1Q GDP data report this Thursday as the DJI Average gained 66 points while the Nasdaq lost 35 points with the US 10-year yield easing to 3.496%.
In Hong Kong, the HSI declined 116 points to below the 20,000 mark on concerns over corporate earnings coupled with the Feds stance on interest rate during the FOMC meeting next week.
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