Tech Counters May Face With Some Headwinds

On the local front, bargain hunting finally emerged as investors bought up banking and energy-related stocks, pushing the FBM KLCI higher and today expect attention on tech counters.

However, caution is expected as the market reacts to last Friday's mixed performance in the U.S. Crude oil prices rose despite improved output from the U.S., with Brent crude rising above the $86/barrel mark, says Rakuten Trade.

"We reckon trading activities may turned cautious following last Friday’s mixed performance in the US hence expect the index to hover within the 1,470-1,480 range today."

Key regional markets ended mixed, with Nikkei 225 rising 0.31% and the Straits Times Index closing flat, while the Hang Seng and Shanghai Composite dropped 2.01% and 0.30% respectively.

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Tech counters

Wall Street ended the week with a mixed performance as traders await the Federal Reserve's next move.

The Dow Jones Industrial Average added 169 points, while the Nasdaq lost 71 points.

This was due to the U.S. 10-year yield rising above the 3.74% mark. The situation in Hong Kong was similar, with the Hang Seng Index declining by 434 points due to a combination of China's economic recovery and the ongoing U.S.-China tension that raised concerns of new sanctions on Chinese tech companies.

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