Stock Markets Characterised By Mixed Performances
The just concluded results season saw a rather good performance from corporate Malaysia with no drastic revision on earnings growth is seen at around 10% this year though the markets are characterised by mixed performances
The stock markets from March 1 to March 3 were characterized by mixed performances according to reports from Rakuten Trade this week.
On March 1, Wall Street closed weak due to weaker business confidence in the US, with the DJI Average losing 232 points and the Nasdaq declining by 11 points.
Meanwhile, the FBM KLCI trended lower for the fifth consecutive day due to a lack of clear direction among investors.
The benchmark index lost 0.09% or 1.31 points to close at 1,454.19. Losers were led by PETDAG, TENAGA and KLK. Market breadth was negative with 739 losers against 255 gainers while 307 were remain unchanged. Total volume stood at 4.63bn shares valued at RM3.95bn.
Kazi Mahmood
The next day, on March 2, the FBM KLCI fell to just above the 1,450 level despite the regional improvements.
The benchmark index declined 0.27% or 3.99 points to close at 1,450.20. Losers were led by PETDAG, MISC and PETGAS. Market breadth was negative with 528 decliners against 436 advancers while 358 counters remain unchanged. Total volume stood at 3.21bn shares valued at RM2.04bn.
Wall Street on the other hand, closed mixed on concerns about a steeper rate hike by the Federal Reserves, while the HSI broke out from its slump on strong economic data from China.
Mixed Performances
Yesterday, the FBM KLCI closed positively after six days of consecutive declines, attributed to bargain hunting activities on plantation and telco related stocks.
As such, the index managed to end above the 1,455 level and we reckon such accumulation to persist thus expect the index to tend between the 1,450-1,460 range today.
The just concluded results season saw a rather good performance from corporate Malaysia with no drastic revision on earnings growth is seen at around 10% this year.
Earnings from the Banks remained resilient, and we anticipate some buying interests on the Banks today.
Wall Street closed firmer from a relief rally due to strong late buying on US equities, with the DJI Average gaining 342 points and the Nasdaq adding 83 points.
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Kazi Mahmood
