Limelight on Banking Stocks

For today, we see limited upside for local equities as sentiment have turned cautious although some bargain activities may emerge.

Limelight on Banking Stocks
Stocks up or down? Photo by Nicholas Cappello / Unsplash

The FBM KLCI weakened to the 1,420 level, wiping out all the gains from the past week. The broadly lower regional performances in addition to the 25bps increase by BNM drags the local bourse down.

"For today, we see limited upside for local equities as sentiment have turned cautious although some bargain activities may emerge.

"Therefore, we anticipate the index to hover between the 1,415-1,425 range today with some degree of accumulation on Banking stocks. Meanwhile, Brent crude fell to below USD95/barrel on declining demand from China," says Rakuten Trade.

Stocks and Rate Hike

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The Bank Negara Malaysia rate hike by 25bps to 2.75% effect on the FBM KLCI is that it at closing, it was sharply lower.

The benchmark index down 2.15% or 31.23 points to close at 1,420.38. Losers: NESTLE making biggest loss, PETDAG and HLBANK.

Market breadth steeply negative with 660 losers against 238 gainers. Total volume yesterday: 2.63bn shares with a value of RM1.89bn.

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