Stock Market: Support from Local Institutions

The FBM KLCI added almost 3 points to stay above the 1,440 mark as market participation remains
muted. We believe in line with other regional currencies, the pressure on the Ringgit versus the US$ is still an ongoing concern.

Stock Market Outlook

“For today, we expect the benchmark index to hover within the 1,440-1,450 range attributed to buying support from local institutions. Meanwhile, crude oil prices eased due to a build-up in inventory as Brent crude dipped to below US$88/barrel,” says Rakuten.

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FBM KLCI closed marginally higher on Tuesday, despite a mixed regional performance. The benchmark index was up 0.20% or 2.94 pts to close at 1,442.14. Majority of the sectors was positive with utilities (+1.2%), property (+1.0%), and health care (+0.8%), leading the gains; while losers were seen in transportation (-0.3%), and consumer (-0.1%).

Market breadth was positive with 410 gainers against 398 losers. Total volume stood at 2.99bn shares valued at RM1.85bn.

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