Headwinds For Local Market
Nevertheless, Rakuten Trade says there might be some headwinds in the market today as a result of the BNM's bold move.
On the domestic front, the FBM KLCI closed in negative territory as Bank Negara Malaysia unexpectedly raised the OPR by 25 basis points (bps) to 3%.
The rise in OPR got many people upset and questioning why did this happen while they were just dozing-off their loans and banking commitments.
Meanwhile, the Ringgit has started acting again, falling behind the Singapore Dollar at the rate of one Singapore Dollar to RM3.41.
Local Market Headwinds
Nevertheless, Rakuten Trade says there might be some headwinds in the market today as a result of the BNM's bold move.
"We believe the local market to see some headwinds particularly banking and property stocks following BNM's monetary tightening measure although bargain hunting activities may emerge as well.
Market Index
"Hence, we anticipate the benchmark index to trend sideways within the range of 1,420-1,430 for today.
Foreign Markets
Wall Street closed lower for fourth consecutive day on renewed banking fears. The Dow fell by 286 points whileNasdaq shed 0.49%. Over in Hong Kong, stocks ended higher as investors cheered the prospect of an imminent pause to interest-rate hikes.
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