Key Highlights on Banks & Telco Stocks

Wall Street ended higher after a cooler-than-expected US inflation data. The DJIA gained 0.17% to end at 33,592.92. Today, watch for Banks & Telco Stocks on Bursa

Key Highlights on Banks & Telco Stocks
The FBM KLCI ended in negative territory ahead of 15th general election (GE15) despite the positive regional performance - Photo by Aqqib Maula / Unsplash

Wall Street closed in positive territory, the FBM KLCI succumbed to strong selling activities possibly ahead of GE15 as it closed at just above the 1,450 level.

"Though we anticipate some bargain hunting activities, we reckon sentiment to remain cautious hence expect the index to trend between the 1,445-1,460 today.

Banks & Telco Stocks

"As we move into earnings season, buying may return on the Banks and Telcos as many sees solid growth for these two sectors.

"Meanwhile, the Ringgit maintained its uptrend against the greenback currently hovering at RM4.55/USD1," says Rakuten Trade.

The FBM KLCI ended in negative territory ahead of 15th general election (GE15) despite the positive regional performance. The benchmark index eased 0.92% or 13.46 points to close at 1,450.54. Losers were led by HARTA, TENAGA and PCHEM. Market breadth was negative with 541 losers against 332 gainers. Total volume stood at 2.78bn shares valued at RM1.68bn.

Wall Street Positive

Wall Street closed in positive territory as many believed that inflation in the US may have peaked. The latest producer price index saw a slower than expected increase that prompted the US 10-year yield to dipped below the 3.78%. As such, the DJI Average gained 56 points while the Nasdaq jumped by 162 points.

Wall Street ended higher after a cooler-than-expected US inflation data. The DJIA gained 0.17% to end at 33,592.92. S&P500 and Nasdaq climbed 0.87% and 1.45% to end at 3,991.73 and 11,358.41 respectively.

Key region markets closed broadly higher following the positive US-China discussion during the G20 Bali summit. Nikkei 225 and STI advanced 0.10% and 0.44% to close at 27,990.17 and 3,275.28 respectively. Meanwhile, HSI and SHCOMP soared 4.11% and 1.64% to end at 18,343.12 and 3,134.08 respectively.