Buying Focus On Banking And Tech Companies

Further backed by a slew of positive earnings reported yesterday, we expect the index to trend within the 1,500-1,515 range with buying to focus on Banking and Technology related stocks today

Buying Focus On Banking And Tech Companies

Analysts say the week on Bursa is ending With a buying focus on Banking and Technology related stocks.

"The FBM KLCI surged attributed to broadly based buying especially on Telco and Energy related stocks. We reckon the sudden emergence of strong buying yesterday should see the benchmark index to break the 1,500 level today.

"Further backed by a slew of positive earnings reported yesterday, we expect the index to trend within the 1,500-1,515 range with buying to focus on Banking and Technology related stocks today.

Giant Lancar Kempen ‘Sudah Makan’
Melalui program dengan kerjasama The Lost Food Project itu, pihaknya komited dalam usaha membantu pelanggan kurang bernasib baik.

"Meanwhile, the Brent crude dipped to below US$100/barrel on news of OPEC’s higher exports," says Rakuten Trade.

Malaysian equities ended broadly higher, inline with improving market sentiment across the region.

The FBM KLCI surged 1.92% or 28.23 points to end at 1,495.49 with gainers led by NESTLE, PPB and HLFG.

Market breadth was positive with 663 gainers against 293 losers. Total volume stood at 2.6bn shares valued at RM2.1bn.

Foreign Markets

Wall Street closed on an intra-day high ahead of Fed Chairman Powell’s Jackson Hole speech later today as traders remain optimistic of a soft landing for the US economy.

The DJI Average gained 322 points while the Nasdaq jumped by 208 points as the US 10-year yield eased slightly to 3.03%.

Key regional markets closed higher yesterday. Nikkei 225 and STI gained 0.58% and 0.44% to end at 28,479.01 and 3,247.80 respectively. HSI and SHCOMP surged 3.63% and 0.97% to end at 19,968.38 and 3,246.25 respectively.

Wall Street ended higher yesterday. The DJIA gained 0.98% to end at 33,291.78. S&P500 and Nasdaq surged 1.41% and 1.67% to close at 4,199.12 and 12,639.27 respectively.