Flattish Market But Watch For Interest in Energy Stocks

There may be some buying interests on Energy stocks today as OPEC decides to cut its output that saw the Brent crude price jumped to almost the US$96/barrel

Flattish Market But Watch For Interest in Energy Stocks
Photo by Emmaus Studio / Unsplash

Wall Street was closed for Labor Day holiday yesterday. Nonetheless, a look at the index futures shows that all 3 major indices rebounded following a weak performance last Friday.

"As for the local bourse, the FBM KLCI closed marginally lower after hovering within a tight range yesterday. Overall sentiment remained cautious due to the lack of clear catalysts thus we expect the index to trend within the 1,485-1,500 range today.

"There may be some buying interests on Energy stocks today as OPEC decides to cut its output that saw the Brent crude price jumped to almost the US$96/barrel.

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"On the flipside, some profit taking on Plantation stocks may emerge as inventory is seen to touch a 2-year high which could put some pressure on crude palm oil price," says Rakuten Trade.

Flattish Bursa

FBM KLCI ended flattish after a tight and bumpy trading session. The benchmark index finished 0.09% or 1.38 points lower to 1,489.80 with losers led by PETDAG, PETGAS and HLFG. Market breadth was negative with 499 losers against 367 gainers. Total volume stood at 2.08bn shares valued at RM1.25bn.

Key regional markets closed mixed yesterday. Nikkei 225 and HSI lost 0.11% and 1.16% to end at 27,619.61 and 19,225.70 respectively. Meanwhile SHCOMP and STI gained 0.42% and 0.31% to close at 3,199.91 and 3,215.48 respectively.

Wall Street was closed for Labor Day holiday.