FBMKLCI Declined Further Testing The Psychological Support of 1,400

FBM KLCI closed lower due to weak market sentiment regionally. The benchmark index lost 0.64% or 8.98 points to 1,401.89 with losers led by PPB, SIMEPLT and DIALOG.

FBMKLCI Declined Further Testing The Psychological Support of 1,400
Photo by Hakan Nural / Unsplash

The FBMKLCI declined further almost testing the psychological support of 1,400.

"In view of the positive performance on Wall Street, we expect to see some buying activities to emerge in particular on Banking and Technology related stocks today.

"As such, we anticipate the index to trend between the 1,405-1,420 range today despite market undertone remains cautious. Meanwhile, the crude palm oil price fell further to almost the RM3,200/tonne over concerns of weaker demand hence may put some pressure on the Plantation sector today," says Rakuten Trade.

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KLCI Lower

FBM KLCI closed lower due to weak market sentiment regionally. The benchmark index lost 0.64% or 8.98 points to 1,401.89 with losers led by PPB, SIMEPLT and DIALOG. Market breadth was negative with 644 losers against 233 gainers. Total volume stood at 2.14bn shares valued at RM2.06bn.

Wall Street staged a relief rally following consecutive declines as all 3 major indices closed broadly higher. The US 10-year yield eased to 3.74% thus giving some breathing space for equities. The DJI Average rose by almost 550 points while the Nasdaq added 222 points.

Wall Street closed broadly higher yesterday. The DJIA surged 1.88% to end at 29,683.74. S&P500 and Nasdaq gained 1.97% and 2.05% to finish at 3,719.04 and 11,051.64 respectively.

Key regional markets closed broadly lower yesterday. Nikkei 225 and STI sank 1.50% and 1.46% to end at 26,173.98 and 3,119.31 respectively. Meanwhile, HSI and SHCOMP fell by 3.41% and 1.58% to end at 17,250.88 and 3,045.07 respectively.