Stock Market: Bargain Hunting Could Emerge

Rakuten Trade reckons some bargain-hunting activities could emerge as the benchmark index is nearing its support level at 1,400

Stock Market: Bargain Hunting Could Emerge

Due to a lack of buying interest, the FBM KLCI closed lower. The benchmark index fell 1.04 percent or 14.76 points to close at 1,411.32, with PCHEM, PPB, and MISC leading the way.

The market breadth was negative, with 578 losers outnumbering 249 gainers. The total volume was 1.76 billion shares worth RM1.28 billion. Key regional markets ended with mixed results.

The Nikkei 225 and SCHOMP gained 0.54 percent and 0.09 percent, respectively, to close at 26,478.77 and 3,284.29 points. The HSI and STI fell 0.22 percent and 0.54 percent, respectively, to finish at 20,797.95 and 3,128.69.

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Wall Street fell as inflation accelerated to 9.1 percent, the highest level since November 1981. The DJIA fell 0.67 percent to 30,772.79 at the close. The S&P 500 and Nasdaq fell 0.45 percent and 0.15 percent, respectively, to close at 3,801.78 and 11,247.58.

Bargain Hunting

Wall Street declined as the US inflation hit a 40 year high adding fears that the Federal Reserves will be aggressive with its rate hikes.

The DJI Average dipped by more than 200 points while the Nasdaq lost 17
points as the US 10-year yield eased marginally to 2.93%.

On the home front, the FBM KLCI weakened to a 2 and a half year low as sentiments remained cautious.

"Nonetheless, we reckon some bargain hunting activities could emerge as the benchmark index is nearing its support level at 1,400.

"Therefore, we expect the index to hover within the 1,405-1,425 range today. Meanwhile, weaker exports saw crude palm oil price slumped to RM3,850/tonne while the Brent crude was stagnant at US$99.60/barrel on concerns of slowing global growth," says Rakuten Trade.