KLCI Edged Higher On Bargain Hunting

Yesterday, Malaysian equities closed higher due to bargain hunting activities. The benchmark index gained 0.21% or 3.08 points to end at 1,491.35

KLCI Edged Higher On Bargain Hunting

The FBM KLCI closed higher due to some bargain hunting activities yesterday and there might be some improvements, testing the 1,500 level today.

"In view of the gains in US equities, we reckon sentiment on the local bourse to see some improvements thus expect the index to possibly test the 1,500 level today. Technology stocks may garner some buying interests today following a lacklustre performance over the past month.

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"Meanwhile, the Plantation and Energy sectors are expected to experience some selling pressure today with the crude palm oil price weakened to around RM3,600/tonne while the Brent crude dipped to US$88/barrel on global recessionary fears," Rakuten says.

Yesterday, Malaysian equities closed higher due to bargain hunting activities. The benchmark index gained 0.21% or 3.08 points to end at 1,491.35 with gainers led by PETDAG PCHEM, and PMETAL. Market breadth was negative with 348 gainers against 477 losers. Total volume stood at 2.37bn shares valued at RM1.62bn.

Wall Street

Wall Street rebounded as concerns over the fight against inflation diminished following the decline of crude oil prices and a tone down remark from the Feds. The DJI Average rose by 436 points while the Nasdaq gained 247 points as the US 10-year yield eased to below 3.27%.

Wall Street closed sharply higher following the decline in commodity prices, particularly crude oil. The DJIA gained 1.40% to end at 31,581.28. S&P500 and Nasdaq surged 1.83% and 2.14% to close at 3,979.87 and 11,791.90 respectively.

Key regional markets closed mostly lower yesterday. Nikkei 225 and STI slipped 0.71% and 0.32% to end at 27,430.30 and 3,213.73 respectively. SHCOMP gained 0.09% to close at 3,246.29 while HSI lost 0.83% to close at 19,044.30.