Market Mid-Day Rebound Failed To Prolong Recovery

The FBM KLCI reversed earlier gains and closed in negative territory due to weak market sentiment and lack of buying support, adds Rakuten Trade.

Market Mid-Day Rebound Failed To Prolong Recovery

The FBMKLCI Index’s mid-day - yesterday - rebound failed to prolong the recovery following the emergence of stronger selling pressure during the evening session as the dollar continued gaining strength after the 10-year treasury yield topped 4.0% for the first time since 2010, says Maybank.

"The benchmark index fell 8.98pts, or 0.64%, to finish the day at 1,401.89, led by decliners DIALOG, INARI, SIMEPLT and TOPGLOV.

"Market breadth reverted to negative again, with losers outnumbered gainers by 644 to 233," it says.

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The FBM KLCI reversed earlier gains and closed in negative territory due to weak market sentiment and lack of buying support, adds Rakuten Trade.

"In view of the negative performance on Wall Street, we reckon the benchmark index to see some headwinds as the support at 1,400 has broken.

"Hence, we expect the benchmark index to consolidate within the range of 1,390-1,405 for today.

"We believe plantation stocks may see some selling pressure as palm oil futures bottomed around the MYR 3,200 per tonne mark, a level not seen since February 2021," says Rakuten.