Buying Interests May Return To Telco Stocks
Hence, we anticipate bargain hunting to emerge and reckon the benchmark index to stage a rebound today, trending within the 1,460-1,475 range. - Rakuten Trade
FBM KLCI fell by 0.43% to 1,457.65 in a lacklustre market ahead of the re-tabling of Budget 2023 today but buying interests may return to Telco stocks.
"We reckon the recent selldown offers more potential upside as the FBM KLCI’s forward PER fell to below 13x, far from its as compared with its 5 years average of around 18x.
"Hence, we anticipate bargain hunting to emerge and reckon the benchmark index to stage a rebound today, trending within the 1,460-1,475 range. Buying interests may return to Telco stocks after a strong selldown yesterday," says Rakuten Trade.
Kazi Mahmood
Foreign Stocks
Wall Street ended higher after volatile trading sessions as investors remained concerned about the path of the US Federal Reserve’s rate hikes.
The Dow gained 109 points as the US 10-year yield eased 3 basis points at
3.921%. The US Fed indicated that inflation is still above the central bank’s target of 2%, although data has shown some decline in the monthly pace of price
increases.
In HK, the HSI ended marginally lower following a heavy regional selldown as investors responded negatively to the FOMC meeting minutes.
Asir Fatagar
