The local bourse continued to be affected by the political impasse as the FBM KLCI closed at around the 1,440 level and is still cautious.
"We reckon sentiment will remain cautious over the next few days until more clarity prevails.
"As such, we expect the index to possibly hover within the 1,430-1,450 range today as speculations continue with market participants staying sidelined.
"Meanwhile, OPEC’s denial of increasing output saw crude oil improves with the Brent crude touching almost the USD89/barrel," says Rakuten Trade.
Market Ended Negative
FBM KLCI ended in negative territory as investors remain wary amid the ongoing uncertainty over the formation of a new government.
The benchmark index lost 0.46% or 6.67 points to end at 1,441.29 with losers led by NESTLE, PETDAG and PPB. Market breadth was negative with 427 losers against 363 gainers. Total volume stood at 4.57bn shares valued at RM2.11bn.
Key regional indices closed higher except HSI which erased 1.31% to close at 17,424.41. Nikkei 225 and STI gained 0.61% and 0.28% to end at 28,115.74 and 3,259.56 respectively. SHCOMP gained 0.13% to finish at 3,088.94.
Wall Street rebounded despite a mixed bag of corporate earnings as traders are betting that US inflation may have peaked in line with easing treasury yields. The DJI Average rose almost 400 points while the Nasdaq added 150 points as the US 10-year yield dipped to 3.76%.
Wall Street rebounded despite a mixed bag of corporate earnings as traders are betting that US inflation may have peaked in line with easing treasury yields. The DJIA gained 118% to close at 34,098.10. Meanwhile S&P500 and Nasdaq rose 1.36% respectively to end at 4,003.58 and 11,174.41 respectively.