Bargain Hunting on Financial Stocks

Market breadth was negative with 493 decliners against 351 advancers while 401 counters remain unchanged. Total volume stood at 2.32bn shares valued at RM1.71bn but today expect bargain hunting on financial stocks

Bargain Hunting on Financial Stocks
Malaysian equities continued to trend lower for the third consecutive trading day - Photo by IA SB / Unsplash

The FBM KLCI experienced some selling pressure but closed off lows due to selective accumulations on Telco and Utilities stocks but expect bargain hunting on financial stocks.

"As we moved into an election fever this weekend, overall sentiment should remain tepid thus expect the index to trend between the 1,440- 1,455 range today with some bargain hunting activities on Financial stocks that had declined consecutively over the past week. Meanwhile, Brent crude slid to below USD93/barrel as the supply side normalized," says Rakuten Trade.

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Malaysian equities continued to trend lower for the third consecutive trading day amid cautious market sentiment ahead of the 15th general election (GE15).

The FBM KLCI erased 0.15% or 2.16 points to close at 1,448.38 with losers led by HLBANK, SIMEPLT and PBBANK.

Market breadth was negative with 493 decliners against 351 advancers while 401 counters remain unchanged. Total volume stood at 2.32bn shares valued at RM1.71bn.

Nikkei  Flattish

Key indices closed mostly lower except Nikkei 225 that close flattish or 0.14% higher to 28,028.30. STI slipped 0.28% to close at 3,266.17. Meanwhile, HSI and SHCOMP dipped 0.47% and 0.45% to end at 18,256.48 and 3,119.98 respectively.

Wall Street ended lower on concerns over slumping retail sales. The DJIA eased 0.12% to end at 33,553.83. S&P500 and Nasdaq fell by 0.83% and 1.54% to end at 3,958.79 and 11,183.66 respectively.

Wall Street declined on concerns over slumping retail sales as warned by Target coupled with potential contagion impacts from the recently collapsed FTX within the crypto industry. As a result, the DJI Average lost 39 points while the Nasdaq closed 174 points lower despite the US 10-year yield eased to below the 3.7%.