What is the Market Beat on Malaysia, global stock market

What is the Market Beat on Malaysia, global stock market

We give you a hint on what the market beat is for this week. The FBM KLCI has continued to rise and has broken through the psychological hurdle of 1,600. The benchmark index closed at 1,603.2, up 3.59 points.

NESTLE, PMETAL, and TM were the top gainers. The overall market breadth was uneven, with 464 counters matching gainers and losers, and 431 counters remaining unchanged. The total volume was 3.38 billion shares worth RM2.86 billion.

On Wednesday, key regional indexes ended the day with a wide gain. The Nikkei 225 and the HSI rose 2.22 percent and 1.49 percent, respectively, to close at 27,460.4 and 24,718.9.

The SHCOMP and STI gained 0.57 percent and 0.52 percent, respectively, to close at 3,465.83 and 3,439.30.

As investors consider the Fed’s next move and the risks of Russia-Ukraine escalation, Wall Street finished mixed.

Wall Street

The DJIA dropped 0.16 percent to 34,934.27 while S&P 500 added 0.09% to end at 4,475.01. The Nasdaq Composite erased 0.11% to end at 14,124.09.

Wall Street closed mixed following a volatile session as sentiments remained very much affected by the
situation in Ukraine coupled with the imminent rate hike by the Federal Reserves. The US 10-year yield is
currently trending around the 2.04% level.

The DJI Average was down 55 points after a 400-point swing while the Nasdaq declined by 16 points. As for the local bourse, market undertone seems strong as the FBM KLCI’s settled above the 1,600 level which is a year to date high.

“We reckon the index to chart higher as buying from the foreign funds is expected to resume.
For today, we believe the index to hover within the 1,600-1,610 range though a mild correction is
anticipated anytime soon. Meanwhile, the crude palm oil eased marginally to RM5,836/tonne on higher
production data,” says Rakuten.