Local Market Trending Higher

Yesterday, FBM KLCI ended lower due to lack of buying interests. The benchmark index lost 0.36% or 5.35 points to close at 1,492.33 with losers led by HARTA, PETGAS and HLBANK.

Local Market Trending Higher

In view of the robust performance on Wall Street overnight, the FBM KLCI is set to reverse recent weakness and expect the index to hover between the 1,495 – 1,510 range today, says Rakuten Trade.

"We believe buying interest may also emerge for technology stocks after the recent selling activities. Meanwhile, Brent crude price inched higher to US$97.40/barrel on better demand outlook.

"US equities surged following the deceleration in CPI for July giving some breathing space for the Federal Reserves to hike rates aggressively. The DJI Average jumped by 535 points while the Nasdaq gained 361 points as the US 10-year yield remained unchanged at 2.78%," it says.

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Yesterday, FBM KLCI ended lower due to lack of buying interests. The benchmark index lost 0.36% or 5.35 points to close at 1,492.33 with losers led by HARTA, PETGAS and HLBANK.

"Market breadth was negative with 601 losers against 242 gainers. Total volume stood at 2.16bn shares valued at RM1.68bn."

Regional Market

Key regional markets closed mostly lower yesterday. Nikkei 225, HSI and SHCOMP lost 0.65%, 1.96% and 0.54% to close at 27,819.33, 19,610.84 and 3,230.02 respectively.

STI gained 0.47% to 3,286.33. Wall Street closed higher as inflation data came in better than expected. The DJIA gained 1.63% to end at 33,309.51. Meanwhile S&P500 and Nasdaq added 2.13% and 2.89% to close at 4,210.24 and 12,854.80
respectively.