Bargain Hunting to Emerge on Banking, Telco, Healthcare Stocks

Banks, Planters, Reits and selected manufacturing entities (technology and F&B) reported a solid set of earnings

Bargain Hunting to Emerge on Banking, Telco, Healthcare Stocks

Rakuten Trade says today's market vibes are all about bargain hunting and they could target the Banking, Telco and Healthcare sector.

"For today, we reckon some bargain hunting to emerge on Banking, Telco and Healthcare stocks following some heavy selling of late. Therefore, we expect the index to trend within the 1,500-1,515 range today.

"As for the corporate earnings announced so far, we noticed that the Banks, Planters, Reits and selected manufacturing entities (technology and F&B) reported a solid set of earnings," says the analyst firm.

J&T Express Launches “Together, 4ever” Campaign
J&T Express will also be upgrading 30 of its nationwide outlets into Premium Courier Points to offer enhanced services to its growing base of customers

FBM KLCI closed lower last Friday as profit taking activities continued.

The benchmark index lost 0.80% or 12.18 points to end at 1,504.44 with losers led by NESTLE, PETDAG and PPB. Market breadth was negative with 426 losers against 395 gainers. Total volume stood at 2.51bn shares valued at RM1.95bn.

Wall Street Buying Fizzled

Wall Street closed lower as buying fizzled out on concerns of inflation and more interest rate hike by the Federal Reserves.

The DJI Average lost 292 points while the Nasdaq ended 260 points lower as the US 10- year yield inched higher at 2.98%. On the domestic front, the FBM KLCI continued to slide due to broad based selling activities in the afternoon session.

Key regional markets closed mostly lower on Friday. Nikkei 225 slipped 0.04% to end at 28,930.33. SHCOMP and STI lost 0.59% and 0.82% to end at 3,258.08 and 3,246.51 respectively. Meanwhile HSI gained 0.05% to 19,773.03.

Wall Street ended sharply lower on Friday amid worries that the US Federal Reserve may continue hiking rates in the near term. The DJIA lost 0.86% to end at 33,706.74. S&P500 and Nasdaq slumped 1.29% and 2.01% to close at 4,228.48 and 12,705.22 respectively.