Here are some views on market weaknesses
The FBM KLCI extended losses on Tuesday session in line with regional markets weaknesses. The
benchmark index was down 0.36% or 5.73 points to close at 1,576.96 with losers led by MAYBANK, IHH and CIMB.
Market breadth was negative with 284 gainers against 778 losers. Total volume stood at 4.33bn
shares valued at RM3.16bn.
Key regional indices ended in red territories. The Nikkei 225 fell 1.71% to end at 26,449.61, HSI tumbled 2.69% to end at 23,520.00, SHCOMP fell 0.96% to end at 3,457.15 and STI erased 1.11% to end at 3,398.23.
Wall Street ended in red territory on continuous Russia-Ukraine tension. The Dow Jones Industrial
Average down 1.42% to end at 33,596.61, S&P 500 lost 1.01% to end at 4,304.76 and the Nasdaq Composite erased 1.23% to end at 13,381.52.
The views
Rising tension between Russia and Ukraine continue to agitate sentiment as Wall Street closed broadly
lower. The DJI Average declined by 482 points to below the 33,600 level while the Nasdaq was down by 166 points.
“Against such backdrop, we expect regional markets to remain volatile with some downside bias.
Back home, the FBM KLCI declined further but, we notice there were some bargain hunting activities to
soften the impact. Therefore, the index is anticipated to hover between the 1,570-1,585 range today.”
Meanwhile, results reported so far by corporate Malaysia had shown significant improvements which
should be positive for the FBM KLCI.
As for the crude palm oil price, it closed at another record high above RM6,350/tonne and foresee consensus to be more upbeat on the Plantation sector. – by Rakuten
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