Market Report: KLCI extended gain on Monday
The FBM KLCI extended gain on Monday session. The benchmark index was up 7.06 points to close at 1,550.17. Gainers were led by CIMB, PI1ETAL, PCHEM.
Market breadth was negative with 462 gainers against 523 losers. Total volume stood at 6.67bn
shares valued at RM2.38bn.
SHCOMP climbed 0.39% to end at 3,593.52, HSI gained 1.08% to end at 23,746.54 and STI up 0.68% to
end at 3,227.05.
Trading on Wall Street has been volatile to say the least on the back of imminent hikes in interest
rates. The 10-year Treasury yield briefly touched the 1.8% before settling at 1.755%. While the DJI
Average closed 163 points lower to just above the 36,000 level, the Nasdaq reversed earlier losses
to stay up 7 points from a late afternoon rally.
On home the front, the FBM KLCI defied expectations as bargain hunting activities pushed the index to 1,550 mark. Though we anticipate regional performances to remain mixed, low valuations of the local bourse could be the main catalyst for funds snapping up banking shares yesterday on potential interest rates increase.
For today, we reckon buying may continue but profit taking activities could also set in. Therefore, we reckon the
index to hover within the 1,545-1,560 range today. Meanwhile, it was heartening to see that daily market volume has improved to above 6bn shares yesterday which is a multiple month high. rakutentrade.my