Buying Interest on Banks & Telcos Stocks

FBM KLCI closed off its day-low as buying activities emerged in the afternoon trading session. The benchmark index shed 0.64% or 9.58 points to end at 1,476.96 with losers led by PCHEM, HLFG and PBBANK.

Buying Interest on Banks & Telcos Stocks
Photo by Christoph Theisinger / Unsplash

For today, analysts believe there will be some buying on the Banks and Telcos to emerge as results posted by these 2 sectors remain solid.

The FBM KLCI continued with its decline despite some apparent accumulation during the afternoon session. The local bourse seems to be undergoing a consolidation phase following the spike up last Thursday and we expect a turnaround anytime soon.

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"For today, we reckon the index to trend within the 1,475-1,490 range as corporate results reported so far are reasonable except for the Plantation sector which was impacted by softer crude palm oil price. We still believe some buying on the Banks and Telcos to emerge as results posted by these 2 sectors remain solid," says analysts at Rakuten Trade.

Stocks and losers

FBM KLCI closed off its day-low as buying activities emerged in the afternoon trading session. The benchmark index shed 0.64% or 9.58 points to end at 1,476.96 with losers led by PCHEM, HLFG and PBBANK. Market breadth was positive with 564 gainers against 409 losers while 358 were unchanged. Total volume stood at 3.40bn shares valued at RM2.47bn.

Key regional markets closed mostly higher on Tuesday except Nikkei 225 which closed 0.48% lower to 28,027.84. STI advanced 1.12% to finish at 3,276.36. Meanwhile, HSI and SHCOMP surged 5.24% and 2.31% to end at 18,204.68 and 3,149.75 respectively.

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Wall Street flat

Wall Street closed flat as traders remain sidelined ahead of some economic data later this week to see if the Federal Reserves continue with its aggressive rate hikes. The DJI Average added a mere 3 points while the Nasdaq lost 66 points as the US 10-year yield edged higher to 3.75%.

Wall Street closed flat as traders remain sidelined. The DJIA closed flattish by 0.01% higher to finish at 33,852.53. Meanwhile S&P500 and Nasdaq slipped 0.16% and 0.59% to close at 3,957.63 and 10,983.78 respectively.