Market On Uptrend Move

FBM KLCI extended its four-days uptrend attributed to buying support on Banking stocks.

Market On Uptrend Move
Photo by Amy The / Unsplash

Wall Street retreated after another choppy session as the US 10-year yield ended at a multi-year high to almost the 4.14% level.

The DJI Average lost 100 points while the Nasdaq declined by 92 points.

On the home front, the FBM KLCI continued with its uptrend for the third consecutive day attributed to buying support from foreign funds.

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"Nonetheless, we reckon trading on the local bourse to be lacklustre today impacted by the surging rates in the US. As such, we expect the benchmark index to trend between the 1,395-1,420 as the Technology stocks may see some selling today.

"Meanwhile, crude palm oil remained above the RM4,000/tonne due to lower output from bad weather while the Brent crude price rebounded to above the USD92/barrel," says Rakuten.

Market on four-day uptrend

FBM KLCI extended its four-days uptrend attributed to buying support on Banking stocks. The benchmark index soared 1.05% or 14.74 points to end at 1,415.10 with gainers led by NESTLE, PETGAS and KLK.

Market breadth was mixed with 437 gainers against 426 losers while 382 remain unchanged. Total volume stood at 2.23bn shares valued at RM1.72bn. Key regional indices closed mostly lower yesterday.

Wall Street woes continue

Nikkei 225 added 0.37% to close at 27,257.38 while STI shed 0.10% to close at 3,022.80.

Meanwhile, HSI and SHCOMP tumbled 2.38% and 1.19% to end at 16,511.28 and 3,044.38 respectively. Wall Street closed lower as investors chewed over the latest batch of earnings reports.

The DJIA fell by 0.33% to finish down at 30,423.81. S&P500 and Nasdaq declined 0.67% and 0.85% to end at 3,695.16 and 10,680.51 respectively.