Buying Main – Bank, Plantation & Telco Stocks

Malaysian equities ended marginally lower amid a mixed regional performance. The FBM KLCI slipped 0.06% or 0.89 points to end at 1,454.09 with losers led by KLK, HLBANK and TENAGA

Buying Main – Bank, Plantation & Telco Stocks
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Back home, the FBM KLCI closed in negative territory due to some minor corrections although the broad market was slightly higher.

"We maintain our positive view over the local market given the strong support from the local institutions and anticipate the FBM KLCI to trend within a wider range of 1,450-1,470 for today with buying mainly on banking, plantation and telco stocks.

"We reckon the poor performance on Nasdaq may have some negative impact on tech stocks today," says Rakuten.

Malaysian equities ended marginally lower amid a mixed regional performance. The FBM KLCI slipped 0.06% or 0.89 points to end at 1,454.09 with losers led by KLK, HLBANK and TENAGA. Market breadth was positive with 505 gainers against 325 losers. Total volume stood at 2.53bn shares valued at RM1.87bn.

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Wall Street closed mixed after another volatile session as investors mulled the Federal Reserve’s path of interest-rate hikes while assessing mixed economic data and a slew of earnings reports.

Meanwhile, the Dow climbed nearly 200 points for its fifth day of wins as he US economy grew at a 2.6% annualized pace for the period, against the economists estimate of 2.3% growth.

Key regional markets closed mixed yesterday. Nikkei 225 ended 0.32% lower to 27,345.24 while STI rose 0.23% 3,015.24. Meanwhile, HSI gained 0.72% to end at 15,427.94 while SHCOMP erased 0.55% to end at 2,982.90.