Can bargain hunting gain traction?

Rakuten Trade says the FBM KLCI pared its earlier gains amid late profit taking to close marginally higher at 1,630.87.

“With the benchmark index still oversold, we believe the recent weakness could encourage selective accumulation in banking and defensive counters,” it says.

Bargain Hunting

The key is whether buying interest can broaden and hold through the session. “For today, we anticipate tentative stabilisation within 1,625–1,635, with bargain hunting offering some support amid a cautious market undertone.”

Wall Street rebounds

Wall Street rebounded after softer US payroll growth eased expectations of an immediate Fed rate increase.

Nevertheless, the US 10-year yield remained elevated at 5.28%, while Brent settled at USD102.25/barrel, keeping
sentiment sensitive to interest rates and Middle East developments.

Over in Hong Kong, the HSI slipped below 24,000 as financial and technology shares weakened. Back home,

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