KLCI bucked regional trend to end higher

KLCI bucked regional trend to end higher

The FBM KLCI bucked the regional trend to end higher for 3 straights sessions. The benchmark index was up
14.12 points to close at 1,564.29.

Gainers were led by MAYBANK, HLBANK, RHBBANK.

Market breadth was negative with 357 gainers against 639 losers. Total volume stood at 4.15bn shares valued at RM2.84bn.

Key regional indices were mostly down on Tuesday session except STI up 0.62% to end at 3,247.07. The
Nikkei 225 down 0.9% to end at 28,222.48. SHCOMP lost 0.73% to end at 3,567.44 and HSI decreased 0.03%
to end at 23,739.06.

Wall Street rebounded as technology stocks recovered post no major surprises from Federal Reserve Chair’s

The Dow Jones Industrial Average up 0.51% to end at 36,252.02, S&P 500 gained 0.92% to end at
4,713.07 and Nasdaq Composite advanced 1.41% to end at 15,153.45.

US equities rebounded as all three major indices closed higher following some steep selling over the previous sessions. Nonetheless, many expect overall sentiments to remain volatile as the Federal Reserves has reiterated its tapering intentions to tackle inflation.

The DJI Average gained 183 points while the Nasdaq surged by 210 points to above the 15,150 level. At home, the FBM KLCI continued with its uptrend with another impressive performance yesterday.

As mentioned, funds were picking up banking stocks ahead of higher interest rates regime going forward. As the index is heading towards its resistance at 1,570, it will be interesting to see if ongoing buying spree can push it pass the resistance decisively.

If yes, then we may see the index to head towards the 1,600 mark. For today, we expect the index to hover within the 1,555- 1,570 range amid regional markets volatility. Meanwhile, the Brent crude price trended close to the US$84/barrel buoyed by increasing demand.