Stocks: Plantation and O&G Face Selling Pressure

Malaysian equities closed flat amid some profit taking activities. The FBM KLCI ended 0.05% or 0.77 points lower to 1,441.35 and today plantations and oil stocks are facing pressure

Stocks: Plantation and O&G Face Selling Pressure
Stocks: Oil and Gas, Plantation faces selling pressure - Photo by Martin Adams / Unsplash

The FBM KLCI maintained its range bound performance as it closed flat attributed to some late buying on Financial and Healthcare counters.

"We expect regional performance to remain mixed ahead of the US election results thus expect the index to trend between the 1,435-1,450 today.

"It is also anticipated that the Plantation and Oil & Gas stocks may experience some selling pressure today as prices of crude palm oil and crude oil weakened due to demand concerns," says Rakuten Trade.

Malaysian equities closed flat amid some profit taking activities. The FBM KLCI ended 0.05% or 0.77 points lower to 1,441.35. Losers were led by NESTLE, PPB, and TENAGA. Market breadth was negative with 470 decliners against 361 advancers while 381 counters remain unchanged. Total volume stood at 3.05bn shares valued at RM1.58bn.

AmBank Ramps Up On Its Digitalisation Drive
The event showcases what we have in place for our clients and investors. Digitalisation is a core aspect of our DNA, particularly in driving customer-centric solutions, services and products.

Regional Stocks

Key regional markets closed mixed ahead of the US mid- term elections 2022. Nikkei 225 and STI gained 1.25% and 0.14% to end at 27,872.11 and 3,145.83. Meanwhile, HSI and SHCOMP reversed its previous day gain and fell by 0.23% and 0.43% to end at 16,557.31 and 3,064.49 respectively.

Wall Street continued with its uptrend as traders are waiting for the outcome of the US mid-term elections of which many are hoping the Republican to do well to put President Biden under pressure. The DJI Average jumped 334 points higher while the Nasdaq added 52 points as the US 10-year yield eased to 4.13%.

Wall Street trended higher for the third consecutive trading day as investors await the result of US midterm election. The DJI was up 1.02% to close at 33,160.83. S&P500 and Nasdaq advanced 0.56% and 0.49% to end at 3,828.11 and 10,616.20 respectively.