The FBM KLCI failed to stay above the 1,500 level despite going above the level in early trading session ouith expectations of selected buying in the tech sector, says Rakuten Trade.
"Though overall sentiment on the local bourse remains cautious, we expect selected buying to persist in particular on the Technology sector today as well for the Telcos after yesterday’s decline.
"The Oil & Gas sector may see some buying as well with the Brent crude continued with its upside now US$94/barrel on tight supply as deal with Iran on nuclear deal faded."
Malaysian equities closed marginally higher yesterday, in line with positive performance across the region. The benchmark index gained 0.10% or 1.43 points to end at 1,497.96 with gainers led by PETDAG, HLBANK and HLFG.
Market breadth was slightly positive with 445 gainers against 348 losers while 410 were unchanged. Total volume stood at 2.63bn shares valued at RM1.55bn.
Highter Trend for Regional Markets
Key regional markets continued to trend higher yesterday. Nikkei 225 and STI gained 1.16% and 0.36% to end at 28,542.11 and 3,274.72 respectively. Meanwhile, HSI and SHCOMP were closed for Mid-Autumn Festival holiday.
Wall Street trended higher as traders believed that inflation may have peaked in the US thus easing concerns over the Federal Reserves tough stance on future rate hike. The DJI Average rose 230 points while the Nasdaq gained 154 points while the US 10-year yield edged higher to 3.36%.
Wall Street continued with its uptrend as investors await an update on the pace of inflation in August. The DJIA gained 0.71% to end at 32,381.34. S&P500 and Nasdaq surged 1.06% and 1.27% to close at 4,110.41 and 12,266.41 respectively.