Stocks: Bargain Hunting on Banks May Emerge
Market analysts predict a rebound with the index expected to hover within the 1,465-1,475 range for the day. - Rakuten Trade
The FBM KLCI, Malaysia's benchmark index, closed lower in a lacklustre market due to broad-based selling and an absence of buying catalysts.
Market analysts predict a rebound with the index expected to hover within the 1,465-1,475 range for the day. However, the oil and gas sector may continue to see some selling pressure as Brent Crude fell to below USD80 per barrel.
The FBM KLCI closed down by 0.68% or 10.01 points to finish at 1,464.00, with losers led by PPB, PETGAS, and KLK. The market breadth was negative, with 654 losers against 273 gainers. Total volume stood at 3.51 billion shares valued at RM2.07bn.
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Global Stocks
The downbeat performance in regional markets contributed to the lacklustre trading, with Nikkei 225 and STI falling by 1.34% and 0.21% to close at 27,104.32 and 3,300.04, respectively. HSI and SHCOMP declined 0.51% and 0.47% to finish at 20,423.84 and 3,291.15, respectively.
Investors weighed on expectations for higher interest rates to tame inflation, which led to Wall Street trending mostly lower. The DJIA and S&P500 weakened 0.26% and 0.16% to close at 33,045.09 and 3,991.05, respectively, while Nasdaq inched 0.13% higher to end at 11,507.07.
Overall, cautious sentiment prevailed amid the prospect of central banks tightening policy more than previously expected to tame inflation. Despite this, market analysts remain optimistic about the rebound of the FBM KLCI and expect the index to hover within a narrow range for the day.
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