The FBM KLCI (+0.7%) continued its upward momentum, with more than half of its index components closing in the green. Lower liners also showed resilience, extending their recovery, while the Technology (-1.2%) and Transport & Logistics (-0.1%) sectors lagged behind.
Growing investor confidence
Local markets are expected to build on recent recovery trends, driven by investor optimism around the Fed’s anticipated rate cut and foreign fund inflows. The Ringgit surged to a 20-month high against the US dollar. Energy stocks could benefit from a recovery in crude oil prices, while gloves-related stocks may see profit-taking after yesterday’s strong performance. Investors are also eyeing inflation data from the UK and Europe for further market cues.
Global Markets Hesitate Ahead of Fed Rate Cut
US markets showed signs of uncertainty, with the Dow slipping -0.04% while the S&P 500 inched up +0.03%. European markets moved closer to a two-week high, and Asian markets closed mostly positive as investors awaited the US Federal Reserve’s interest rate decision.
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Source: Apex
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