Buying Continue on Bank Stocks

For today, we reckon the local bourse to continue with its uptrend attributed to the easing US yields which will relieve fears of higher interest rates regionally.

Buying Continue on Bank Stocks
Photo by d: :p / Unsplash

The FBM KLCI finally breached the 1,450 level underpinned by buying support from local institutions.

For today, we reckon the local bourse to continue with its uptrend attributed to the easing US yields which will relieve fears of higher interest rates regionally.

"As such, we expect the index to hover between the 1,450-1,465 level today with buying interests returning to Banks. Meanwhile, the Brent crude climbed to above the USD95/barrel on weaker USD despite the slowing global demand," says Rakuten.

FBM KLCI ended climbed higher, in line with the positive regional performance. The benchmark index advanced 0.73% or 10.57 points to end at 1,454.98. Gainers were led by KLK, NESTLE and HARTA.

Overall market breadth was positive with 521 advancers against 354 decliners. Total volume stood at 2.61bn shares valued at RM1.80bn.

Wall Street closed mixed after a choppy session as traders continue to adjust to the prospect of less severe rate hike amid the decline in economic activities in the US. The DJI Average added a mere 2 points while lacklustre quarterly results from Microsoft and Alphabet saw Nasdaq declined by 228 points as the US 10-year yield eased to just above the 4.0% mark.