Buying Interest Returns on Tech Stocks

Buying Interest Returns on Tech Stocks
Photo by m. / Unsplash

On the local front, the FBM KLCI fell marginally after a week of strong performance, says Rakuten Trade.

"We reckon the index to rebound today following solid signs from Wall Street and expect it to trend between the 1,440-1,455 range today.

"Buying interests is anticipated to return on Technology related stocks amid the falling US yields. Meanwhile, a weaker USD saw the Brent crude closing higher at above the USD93/barrel mark."

Wall Street trended higher on hopes that the Federal Reserves will be less aggressive in raising rates from signs that the US economy is cooling down.

The DJI Average jumped by 337 points while the Nasdaq added 246 points as the US 10-year yield eased to 4.10%.

Stocks: Profit Taking

Malaysian equities closed marginally lower yesterday on profit taking activities. The FBM KLCI slid 0.14% or 2.01 points to end at 1,444.41 with losers led by PETDAG,

PETGAS and PPB. Market breadth was slightly negative with 445 losers against 420 gainers while 384 counters were unchanged. Total volume stood at 2.26bn shares valued at RM1.76bn.

Regional Markets

Key regional markets ended mixed. Nikkei 225 and STI were up 1.02% and 0.48% to close at 27,250.28 and 2,984.15 respectively. HSI and SHCOMP declined 0.10%
and 0.04% to close at15,165.59 and 2,976.28 respectively.

Wall Street continue its upward trend on hopes that the Federal Reserves may be less aggressive in interest hike.

The DJIA gained 1.07% to end at 31,836.74. S&P500 and Nasdaq surged 1.63% and 2.25% to end at 3,859.11 and 11,199.12 respectively.