Market Undertone Continues To Improve

Yesterday, Malaysian equities closed higher with buying interests mainly on tech, telco and healthcare sectors.

Market Undertone Continues To Improve

The local bourse saw persistent buying from foreign funds pushing the FBM KLCI to surge pass the 1,500 mark.

"As market undertone continues to improve, we reckon the benchmark index to remain steady despite the escalating US/China tension on Taiwan.

"Therefore, we expect the index to trend within the 1,500-1,515 range today. Meanwhile, Brent crude price fell further to settled at US$94/barrel on concerns of weaker demand amid recessionary fears while the crude palm oil also decline to RM3,820/tonne on higher output," says Rakuten Trade.

Yesterday, Malaysian equities closed higher with buying interests mainly on tech, telco and healthcare sectors.

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The FBM KLCI gained 1.15% or 17.14 points to end at 1,507.14 with gainers led by NESTLE, PPB and KLK.

Market breadth was positive with 611 gainers against 276 losers. Total volume stood at 2.65bn shares valued at RM1.89bn.

Regional Market

Key regional markets closed mostly higher yesterday. Nikkei 225 and STI gained 0.39% and 0.52% to end at 27,932.20 and 3,269.01 respectively. HSI and SHCOMP added 2.06% and 0.80% to close at 20,174.04 and 3,189.04 respectively.

The DJIA and S&P500 lost 0.26% and 0.08% to end at 32,726.82 and 4,151.94 respectively. Nasdaq rose 0.41% to close at 12,720.58.

Wall Street ended on a mixed note as traders await for the latest US job data to gauge the Federal Reserves stance on interest rates going forward.

The DJI Average was down by 86 points while the Nasdaq gained 52 points as the US 10-year yield declined further to 2.69%.