Profit Taking on Plantation Stocks

On the flipside, Plantation stocks may see some profit taking as the crude palm oil dipped to below the RM4,000/tonne.

Profit Taking on Plantation Stocks
Photo by Markus Spiske / Unsplash

At home, the FBM KLCI dipped below the 1,450 level due to some foreign selling. Reflecting the buoyant US market, we reckon regional markets to climb higher
today and expect the local bourse to do the same as well.

"Therefore, we anticipate the index to trend between the 1,450-1,470 range today with interests on the Banks and Technology sectors," says Rakuten.

On the flipside, Plantation stocks may see some profit taking as the crude palm oil dipped to below the RM4,000/tonne.

FBM KLCI ended in negative territory on Friday due to profit taking activities. The benchmark index eased 0.47% or 6.78 points to close at 1,447.31. Losers were led
by KLK, NESTLE and PETDAG. Market breadth was negative with 450 losers against 393 gainers while 409 counters remain unchanged. Total volume stood at
2.38bn shares valued at RM1.65bn.

Regional Markets

Key regional indices closed mostly lower except STI which surged 1.46% to close at 3,059.19. Meanwhile, Nikkei 225 fell by 0.88% to close at 27,105.20. HSI and SHCOMP slumped 3.66% and 2.21% to end at 14,863.06 and 2,917.12
respectively.

Improving Connectivity in The Central Forest Spine
Incepted in 2014, IC-CFS initiatives are spearheaded by the Forestry Department of Peninsular Malaysia (FDPM) in collaboration with a network of implementing agencies

Wall Street surged as all 3 major indices closed steeply higher as traders are hoping that the Federal Reserves will be less aggressive with rate hikes going forward.

The DJI Average added a massive 828 points while the Nasdaq gained 310 points after a week-long decline as the US 10-year yield remained at the 4.0% mark.
Whether such uptrend is sustainable remains to be seen.

Wall Street ended sharply higher last Friday as solid earnings from Apple helped to boost investor sentiment.

Traders are hoping that the Federal Reserves will be less aggressive with rate hikes going forward. The DJIA soared 2.59% to close at 32,861.80. S&P500 and Nasdaq
surged 2.46% and 2.87% to end at 3,901.06 and 11,102.45 respectively.