Selling On Plantation Stocks

Market volatility is expected to remain heightened and see the index trend between the 1,430-1,450 range with selling on the Plantation sector today

Selling On Plantation Stocks
Crude palm oil weakened to a 1-month low at RM3,850/tonne on the back of high inventory Photo by Max Panamá / Unsplash

The FBM KLCI ended flat following a weak opening as uncertainties persist within the political arena but today was about selling on plantation stocks.

"We reckon market sentiment to remain cautious until a new Government is formed by today. Therefore, market volatility is expected to remain heightened and see the index to trend between the 1,430-1,450 range today.

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Plantation Stocks

"Meanwhile, crude palm oil weakened to a 1-month low at RM3,850/tonne on the back of high inventory hence may see some selling on the Plantation sector today," says Rakuten Trade.

Malaysian equities reversed earlier losses and closed flattish as domestic sentiment remain cautious over the formation of a new government. The FBM KLCI closed 0.09% or 1.36 points lower to 1,447.96 with losers led by PETDAG, KLK and GENTING.

Market breadth was negative with 510 decliners against 378 advancers. Total volume stood at 4.29bn shares valued at RM2.50bn.

Wall Street closed lower as traders wait for a slew of economic data this Wednesday amid fresh worries of higher interest rate hike. The DJI Average lost 45 points while the Nasdaq declined by 121 points as the US 10- year yield inched higher to 3.84%.