The FBM KLCI is set to continue with its uptrend after it decisively broke the 1,500 mark yesterday, says Rakuten Trade.
"Back home, we reckon the FBM KLCI to continue with its uptrend after it decisively broke the 1,500 mark yesterday.
"As such, we anticipate the index to trend within the 1,500-1,515 range today as market undertone improves. Meanwhile we noticed buying is returning on logistic related companies as many performed rather strongly of late," says the analysts.
Yesterday, Malaysian equities closed broadly higher, inline with the strong performance of regional bourses.
The FBM KLCI surged 0.89% or 13.23 points to end at 1,505.56 with gainers led by NESTLE, HLFG and PETGAS. Market breadth was positive with 628 gainers against 260 losers. Total volume stood at 2.55bn shares valued at RM1.97bn.
Wall Street Woes?
Wall Street struggled to maintain its uptrend as all 3 major indices closed weaker after a strong opening as many believe the Federal Reserves will still hike rates in the coming month.
The DJI Average gained 27 points while the Nasdaq lost 75 points with the US 10- year yield edged higher to 2.89%. Also, the Brent crude price improved to US$99.60/barrel as demand is expected to increase.
Key regional markets closed mostly higher yesterday. HSI, SHCOMP and STI gained 2.40%, 1.60% and 0.38% to close at 20,082.43, 3,281.67 and 3,298.82 respectively. Meanwhile Nikkei 225 lost 0.65% to 27,819.33.
Wall Street closed weaker as Federal Reserves will still hike rates in the coming month. The DJIA gained 0.08% to end at 33,336.67. On the other hand, S&P500 and Nasdaq lost 0.07% and 0.58% to close at 4,207.27 and 12,779.91 respectively.