Trading on the local bourse had been lackluster despite the FBM KLCI closed higher attributed to some late buying activities on Plantation and Telco stocks.
"For today, we reckon regional market volatility to heighten ahead of the election outcome from the US therefore expect the benchmark index to hover between the 1,435-1,450 range.
"Meanwhile, crude prices eased on news that China will continue with their Covid containment strategy as the Brent crude ended at below the USD98/barrel thus we may see some headwinds for the Oil & Gas counters today," says Rakuten.
FBM KLCI reversed earlier losses and closed marginally higher as a result of last minute buying. The benchmark index ended 0.27% or 3.84 points higher to 1,442.12 with gainers led by PPB, MAXIS and KLK. Market breadth was mixed with 441 gainers against 438 losers while 380 were unchanged. Total volume stood at 2.80bn shares valued at RM1.65bn.
Trading On Wall Street Higher
Wall Street closed higher as focus was shifted to politics towards the US mid-term elections 2022 today following a choppy session. The DJI Average jumped 424 points higher while the Nasdaq gained 89 points as the US 10-year yield edged higher to almost the 4.22% level.
Wall Street ended higher on Monday ahead of the US midterm election. The DJI soared 1.31% to close at 32,827.00. S&P500 and Nasdaq jumped 0.96% and 0.85% to end at 3,806.80 and 10,564.52 respectively.
Key regional markets trended broadly higher taking the positive cues from Wall Street on Friday. Nikkei 225 and STI rose 1.21% and 0.36% to end at 27,527.64 and 3,141.31. Meanwhile, HSI and SHCOMP continue to climb 2.69% and 0.23% higher to end at 16,595.91 and 3,077.82 respectively.
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