Market Uptrend Is Expected To Continue

Crude palm oil jumped above RM4,400/tonne tracking the higher soya oil while the Brent crude fell to US$98/barrel as concerns over weakening demand

Market Uptrend Is Expected To Continue
Photo by Paweł Szymankiewicz / Unsplash

The FBM KLCI is expected to stay resilient, and we anticipate the index to maintain its uptrend today hovering between the 1,510-1,520 range.

As for sectors to look at, Telcos especially the network operators have underperformed of late and we reckon should be ripe for accumulation.

Meanwhile, crude palm oil jumped above RM4,400/tonne tracking the higher soya oil while the Brent crude fell to US$98/barrel as concerns over weakening demand.

FBM KLCI closed marginally higher amid the mixed market sentiment across the region. The benchmark index added 0.04% or 0.63 points to end at 1,506.19 with gainers led by PPB, HLBANK and SIMEPLT.

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Regional Mixed

Market breadth was mixed with 440 gainers against 367 losers while 442 were unchanged. Total volume stood at 2.08bn shares valued at RM1.63bn.

Key regional markets closed mixed on Friday. Nikkei225 surged 2.62% to end at 28,546.98. HSI added 0.46% to finish 20,175.62. Meanwhile SHCOMP and STI lost 0.15% and 0.99% to end at 3,276.89 and 3,269.27 respectively.

Wall Street rebounded on Friday as many believe that US inflation may have peaked. As a result, the DJI Average rose 424 points while the Nasdaq gained 267 points as the US 10-year yield eased marginally to 2.84%.

Wall Street closed higher on Friday as consumer and tech shares led the market higher. The DJIA gained 1.27% to end at 33,761.05. Meanwhile S&P500 and Nasdaq surged 1.73% and 2.09% to close at 4,280.15 and 13,047.19 respectively.