Buying To Continue On Tech And Energy Stocks

The FBM KLCI closed off the day's low with some buying activities on O&G and telco stocks during the final hour of trading.

Buying To Continue On Tech And Energy Stocks

The buying spree will continue on on technology and energy related stocks says Rakuten Trade.

"We saw some buying on local equities during the afternoon session with the FBM KLCI stayed above the 1,480 level. For today, we reckon the buying to continue on technology and energy related stocks as the Brent crude surged above the US$100/barrel again overnight on news that OPEC may cut production.

"Therefore, we expect the index to possibly hover within the 1,480-1,500 range today."

Deleum Continues Positive Trend With Half-Year Pre-Tax Profits Up 82.2%
Group pre-tax profit increased by 82.2% to RM24.5million and strong performances by Oilfield Services and Integrated Corrosion Solution segments

The FBM KLCI closed off the day's low with some buying activities on O&G and telco stocks during the final hour of trading.

The benchmark index lost 0.32% or 4.8 points to end at 1,482.57 with losers led by KLK, HLBANK and HLFG. Market breadth was mixed with 467 losers against 407 gainers while 416 were unchanged. Total volume stood at 2.03bn shares valued at RM1.55bn.

Regional Stocks

Key regional markets closed lower yesterday. Nikkei 225 and STI lost 1.19% and 0.46% to end at 28,452.75 and 3,2446.21 respectively. HSI and SHCOMP erased 0.78% and 0.05% to end at 19,503.25 and 3,276.22 respectively.

US equities continue to slide amid heightened concerns over interest rate hike by the Federal Reserves as the US 10-year yield edged higher to 3.06%. As such, the DJI Average lost 154 points while the Nasdaq remained flat. On the home front,

Wall Street ended lower as investors were cautious awaiting for more guidance from Federal Reserve Chairman Jerome Powell on the central bank’s tightening path.

The DJIA and S&P500 lost 0.50% and 0.22% to end at 32,909.59 and 4,128.73. Meanwhile Nasdaq closed flat at 12,381.30.