Massive Boost For Tech Stocks?

Market breadth was negative with 468 losers against 344 gainers while 394 were unchanged. Total volume stood at 3.48bn shares valued at RM1.45bn.

Massive Boost For Tech Stocks?
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The FBM KLCI maintained its uptrend underpinned by strong buying on Banks and Healthcare related counters.

"For today, we believe the index should break the 1,450 decisively as we expect a much stronger regional performance and expect it to trend between the 1,450-1,465 range.

"Technology stocks should experience a massive boost today following the steep uptrend on Nasdaq overnight. Meanwhile, Brent crude closed above USD93/barrel attributed to the lower than anticipated US inflation plus a potentially weaker USD across the board," says Rakuten Trade.

Malaysian equities closed higher amid the negative performance over the region. The FBM KLCI gained 0.25% or 3.55 points to close at 1,449.74 with gainers led by PETDAG, HLBANK, and DIALOG. Market breadth was negative with 468 losers against 344 gainers while 394 were unchanged. Total volume stood at 3.48bn shares valued at RM1.45bn.

Wall Street Boost

Key regional indices ended mostly lower taking cue from overnight Wall Street performance. Nikkei 225 shed 0.98% to end at 27,446.10 whereas STI added 0.24% to end at 3,173.18. Meanwhile, HSI and SHCOMP sank 1.70% and 0.39% to end at 16,081.04 and 3,036.13 respectively.

Wall Street surged as the US inflation for October came in lower than expected with traders now betting that the Federal Reserves will be less aggressive in their tightening policy. As a result, the DJI Average gained 1,200 points while the Nasdaq staged a massive 761 points rally as the US 10-year yield declined to 3.81%.

Wall Street closed sharply higher as US inflation data slip in October. The DJIA soared 3.70% to end at 33,715.37. S&P500 and Nasdaq surged 5.54% and 7.35% to end at 3,956.37 and 11,114.15 respectively.

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